5th Jun 2014 17:36
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 Clean Water Act.
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 that 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, said the decision does not alter prior rulings that the company was not culpable in causing the spill and reiterated its position that its exposure to CWA penalties will not materially impact its consolidated financial position, results of operations, or cash flows.
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
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