BP in advanced talks with US govt, SEC over Macondo oil spill claims

15 November 2012 11:51  [Source: ICIS news]

LONDON (ICIS)--BP is in advanced discussions with the US Justice Department and Securities and Exchange Commission (SEC) regarding proposed resolutions of all US federal government criminal and SEC claims against BP in connection with the Deepwater Horizon disaster, the UK-based oil giant said on Thursday.

The US Justice Department has in the past strongly reiterated its intent to show negligence and wilful misconduct in the events before the April 2010 Macondo oil well explosion and fire in the US Gulf of Mexico, which killed 11 workers and sunk the Deepwater Horizon rig, leading to a massive spill.

The government had blasted BP as having a culture of recklessness that helped to lead to the explosion.

No final agreements have yet been reached and any resolutions, if agreed, would be subject to federal court approvals in the US, BP said.

According to BP, the proposed resolutions are not expected to cover federal civil claims, including Clean Water Act claims, federal and state Natural Resource Damages claims; certain private civil claims that were not covered by the he Plaintiffs’ Steering Committee (PSC) settlement or state economic loss claims.

BP’s share price on the London stock exchange at 11:37 GMT was trading at 423.95 pence, down 0.42% from the previous close.

By: Franco Capaldo
+44 (0)20 8652 3214

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