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Judge approves $20B settlement for BP over Deepwater Horizon disaster

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Essential Energy Insights - January 2021


Judge approves $20B settlement for BP over Deepwater Horizon disaster

Afederal judge in Louisiana on April 4 gave final approval to 's approximately $20 billionsettlement for the2010 Deepwater Horizon oil spill.

JudgeCarl Barbier's ruling in the U.S. District Court for the Eastern District ofLouisiana stated that BP will pay a civil penalty of $5.5 billion; naturalresources damages amounting to $7.1 billion plus interest; and up $700 millionto address injuries or losses to natural resources from the oil spill and forrestoration projects, among other payments.

About$37 million of the amount paid to the U.S. "shall be available to [theNational Oceanic and Atmospheric Administration] to establish, populate,manage, and maintain a Gulf-wide environmental data management system,"the ruling stated.

Thesettlement was firstagreed to in July 2015.