British Petroleum to pay $18.7bn for 2010 Gulf oil spill

  • Energy giant BP has reached an $18.7 billion settlement over the devastating Gulf of Mexico oil spill.

    The agreement with the US Department of Justice is the largest ever settlement paid by a single firm in the US.

    A blast at the Deepwater Horizon oil rig had spilled more than 120 million gallons of oil into the Gulf of Mexico in 2010 and caused 11 deaths. It is regarded among the worst environmental disasters in American history.

    Loretta Lynch, the US Attorney General, said if approved by court, the settlement “would help repair the damage” inflicted on the Gulf economy and its natural habitats.

    Tagged as: BP, settlement, Gulf of Mexico oil spill, US Department of Justice, Deepwater Horizon oil rig, Loretta E Lynch, business news