The COO of BP says a gusher of oil pouring from its damaged Gulf of Mexico well could be shut off as early as next week, but noted the plugging operation is "quite complex" and has never been tried in water that deep.
London-based BP agrees, pending court approval, to pay $US18.7 billion to compensate the United States government and the five Gulf Coast states--Alabama, Florida, Louisiana, Mississippi and Texas--for damages stemming from the 2010 Gulf of Mexico oil spill. The settlement includes a civil penalty of $US5.5 billion under the Clean Water Act.
The British oil firm sells its interests in four Gulf of Mexico oil wells to Japanese firm Marubeni, in a wider cash-raising effort that aims to raise 30 billion dollars for compensations related to the oil spill.
BP is to sell assets worth an estimated $1.8 billion as part of series of sales to help pay for damages caused by the explosion on its Deepwater Horizon rig in April, which killed 11 workers and spilled more than 200 million gallons of crude oil into the Gulf of Mexico.
It is revealed that BP chief executive Tony Hayward is negotiating his terms of exit after being negatively criticised by politicians in the United States over his handling of the Deepwater Horizon oil spill in the Gulf of Mexico.
Energy company BP announces it is to sell billions worth of assets in Canada, Egypt, Pakistan, United States and Vietnam to part-fund the clean-up cost of the Deepwater Horizon oil spill in the Gulf of Mexico.
BP is set to remove the containment cap over the destroyed Deepwater Horizon oil well in the Gulf of Mexico, and replace it with a bigger cap. Oil and gas will spew unrestricted from the well for an estimated four to seven days until the new cap is in place.
U.S. President Barack Obama announces that BP will finance a $20 billion fund to compensate people whose livelihoods have been damaged by the devastating oil spill in the Gulf of Mexico, and the company's chairman apologized for the worst spill in U.S. history.
Scientists are finding enormous oil plumes in the deep waters of the Gulf of Mexico, including one as large as 10 miles long, 3 miles wide and 300 feet thick in spots as fresh evidence that the leak from the broken undersea well could be substantially worse than estimates that the United States government and BP have given.