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Share Price Information for BP (BP.)

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Share Price: 481.20
Bid: 481.15
Ask: 481.30
Change: -6.95 (-1.42%)
Spread: 0.15 (0.031%)
Open: 491.60
High: 494.35
Low: 480.45
Prev. Close: 488.15
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BP claims U.S. accepts its "collected" spill barrels

Tue, 19th Feb 2013 13:22

LONDON, Feb 19 (Reuters) - BP said the U.S.Department of Justice has backed its claim that oil it recoveredat the 2010 spill site should be excluded from certain penaltiesit could face, potentially cutting its final fine by as much as$3.5 billion.

Just days before its civil trial is due to start on Feb. 25in New Orleans, the British oil company repeated its assertionthat some 810,000 barrels of oil it recovered directly from theleaking Macondo well should not count when it comes to finesthat could be levied under the U.S. Clean Water Act.

"Under the Clean Water Act, civil penalties are assessedonly on oil that has actually entered the environment andpotentially caused harm," it said in a statement on Tuesday.

"The U.S. Department of Justice has indicated that it agreeswith BP's position on this issue," it added.

BP also repeated that the total 4.9 million spilt barrelsestimate made by the U.S. government in its claim against BP, including barrels recovered, was too high by 20 percent.

The over-estimate, together with removal of the recoveredbarrels, would reduce the per-barrel basis of the U.S.government claim to 3.1 million barrels.

The maximum fine payable under the act is $4,300 per barrel,and so if the calculation is based on 4.9 million barrels spilt,BP could have to pay as much as $21 billion under the CleanWater Act, on top of any other fines and penalties that might bepayable.

If the number spilled is only 3.1 million, as BP asserts,the maximum fine would be much lower at around $13 billion.

By itself, the 810,000 "collected" barrels could vary thesize of the fine by up to $3.5 billion.

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