BP looking at $30 billion tab
Findings of the second major investigation by the U.S. government into the 2010 Gulf of Mexico oil spill may press energy giant BP plc to put more than $30 billion on the table to quickly settle its legal headaches, Reuters reported.
The joint probe by the Coast Guard and the Bureau of Ocean Energy Management, Regulation and Enforcement put most of the blame on BP for the Deepwater Horizon well blowout, which led to the death of 11 men and the biggest offshore oil spill in U.S. history.
The report was even more damning of BP’s behavior than the presidential panel’s findings, which were issued in January and February. Both reports also highlighted mistakes made by BP’s contractors, driller Transocean Ltd. and cement specialist Halliburton Co.
A judge set a February trial date for the civil damages claims. London-based BP declined to comment on its legal strategy.
Exxon Mobil Corp. fought claims related to the 1989 Valdez spill in Alaska for almost 20 years, confident it could reduce the massive sums sought by, and initially awarded to, its opponents. In the end, it was largely successful. BP’s case is not considered as strong.