U.S. announces $20 billion resolution with BP over 2010 oil spill

October 5, 2015

The United States on Monday (Oct 5) announced a more than $20 billion settlement of federal and state claims against BP Oil over its Gulf of Mexico oil spill in 2010.

The Deepwater Horizon burns in the Gulf of Mexico, 52 miles southeast of Venice, La. on April 21, 2010.

The Deepwater Horizon burns in the Gulf of Mexico, 52 miles southeast of Venice, La. on April 21, 2010.

The agreement is “the largest settlement with a single entity in American history,” U.S. Attorney General Loretta Lynch said.

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In July, BP announced that it would pay up to $18.7 billion in penalties to the U.S. government and five states to resolve nearly all claims from the April 2010 Deepwater Horizon Oil Spill in the largest corporate settlement in U.S. history.

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At the time, the deal was still pending court approval.

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The rig explosion on April 20, 2010, the worst offshore oil disaster in U.S. history, killed 11 workers and spewed millions of barrels of oil onto the shorelines of several states for nearly three months.

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“Once approved by the court, this agreement will launch one of the largest environmental restoration efforts the world has ever seen,” Lynch said.

 

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