focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied Materials
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied MaterialsView Video
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to mining
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to miningView Video

Latest Share Chat

Payout from BP oil spill settlement tops $5 bln

Wed, 15th Apr 2015 22:11

By Jonathan Stempel

April 15 (Reuters) - The administrator overseeing a BP Plc fund to compensate people and businesses claiming theywere harmed by the 2010 Gulf of Mexico oil spill said onWednesday more than $5 billion has been paid out.

A total of $5.037 billion has been paid to 62,162 claimants,the administrator, Patrick Juneau, said in a statement on hiswebsite for spill claims.

The money is being paid under a 2012 settlement tied to theexplosion of the Deepwater Horizon drilling rig, which killed 11workers and caused the largest U.S. offshore oil spill. Thefifth anniversary of the disaster will be April 20.

BP originally said it expected to pay $7.8 billion toresolve claims under the settlement but by February of this yearhad boosted its estimate to $9.9 billion.

The London-based oil company had long complained that Juneauwas paying out too much, including to claimants who suffered noharm.

But last month, BP ended a bid to oust Juneau, citing stepshe had taken to reduce fraud.

According to Juneau, more than half of the payouts so farhave compensated businesses that suffered economic losses, witha significant percentage also going to the seafood industry. (Reporting by Jonathan Stempel in New York; Editing by SteveOrlofsky)

Related Shares

More News
Today 02:00

British firms expecting hard time in China market, lobby group warns

BEIJING, May 22 (Reuters) - British firms expect doing business in China to become harder over the next five years, a British business lobby group s...

Today 00:01

US Cash Products-Chicago RBOB surges after refinery issues

NEW YORK, May 21 (Reuters) - Cash differentials for RBOB gasoline surged on Tuesday after a refinery that has faced operational issues in recent days ...

16 May 2024 17:53

European shares snap nine-day winning streak as Siemens weighs

Roche gains on obesity drug results from early-stage trial *

16 May 2024 17:33

FTSE 100 ends lower on disappointing corporate updates, BT Group soars

BT Group up after CEO aims for more than double free cash flow *

16 May 2024 16:54

LONDON MARKET CLOSE: Europe struggles but record highs in New York

(Alliance News) - Large-cap European equities closed lower on Thursday, underperforming New York counterparts, which continued to push higher followin...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.