5th Jun 2014 05:47
LONDON (Alliance News) - The US Court of Appeals in New Orleans has ruled that British oil giant BP PLC and Anadarko Petroleum, as co-owners of the ill-fated Macondo well, are automatically liable for violations of the pollution law.
The two companies may face billions of dollars in fines. The Macondo well exploded in April 2010, triggering the Gulf of Mexico oil spill. While the US claims that 4.2 million barrels of oil were dumped into the Gulf of Mexico, BP pegs the figure at 2.45 million barrels.
The Court upheld a lower-court decision which allowed the US to seek up to USD18 billion from BP, if it was found that the company was negligent with regard to its actions surrounding the spill.
Anadarko, which had a 25% interest in the well, could be awarded a maximum penalty of USD4.6 billion.
US District Judge Carl Barbier, who made the initial ruling, is yet to decide on whether BP was grossly negligent under the US Clean Water Act. He has found that Anadarko was not.
BP.L settled down 1.1% at 497.83 pence. APC closed up 0.2% at USD102.04.
Copyright RTT News/dpa-AFX
Related Shares:
BP