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BP settlement costs rise again

The oil company says claims from individuals and businesses affected by the Gulf oil spill are more numerous and costly than it originally anticipated

BP, which is already on the hook for billions of dollars over the Deepwater Horizon oil spill, will pay spill victims even more than it was expecting, according to the company’s annual report.

Last year, BP agreed to a settlement with individuals and businesses that had suffered either medical or economic damages as a consequence of the spill. BP initially estimated that the settlement would cost $7.8 billion, but it later revised that amount to $8.5 billion.

The total will likely grow again, the company now says, because the claims that are being paid out are higher and more numerous than anticipated. A New Orleans court approved the payout administrator’s interpretation of the settlement on Tuesday, but BP says that it will appeal the ruling.

BP has already spent more than $24 billion for claims and cleanup costs, the Wall Street Journal reports. It is also currently involved in a civil trial over its role in the 2010 spill, which could result in fines of up to $17.6 billion.

Read more at Thomson Reuters.

Or, get more InsideCounsel coverage of the BP oil spill here:

BP goes on trial for Gulf oil spill

BP enters plea in Gulf oil spill criminal case

BP will pay $4.5 billion in Deepwater Horizon oil spill settlement

BP, plaintiffs ask judge to approve $7.8 billion oil spill settlement

Feds to pursue gross negligence claims in BP oil spill case

Transocean GC resigns, effective immediately

 

Alanna Byrne

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