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.
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.
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.
A 2007 memo is released showing that two U.S. Federal agencies, the Fish and Wildlife Service and the Minerals Management Service, underestimated the possibility of a large-scale oil spill from drilling in the Gulf and its effects on Gulf Coast wildlife.
BP Chief Executive Tony Hayward testifies before the U.S. Congress, apologizing for the spill but avoiding answering most questions and stating that he was unaware of the risks at the Deepwater Horizon rig that exploded in April causing the oil spill. [http:--www.theaustralian.com.au-news-breaking-news-bp-ceo-grilled-by-us-congress-story-fn3dxity-1225881174531 ("The Australian")] [http:--www.cbsnews.com-8301-503544_162-20008103-503544.html (CBS)] [http:--www.miamiherald.com-2010-06-17-1686441-an-angry-congress-lambasts-bp.html (Miami Herald)]date=August 2019