What agreed after BP spill in the Gulf of Mexico? – The Economist

BP reached an agreement than 18,700 million dollars with the federal government and five US states to resolve a dispute by the explosion of a platform in the Gulf of Mexico that killed 11 people and caused the worst oil spill in US history.

HOUSTON BP reached an agreement than 18,700 million dollars with the federal government and five US states to solve litigation by the explosion of a platform in the Gulf of Mexico that killed 11 people and caused the worst oil spill in the history of American country.

The agreement, subject to final court approval District Carl Barbier in New Orleans, seeks to close accusations of violation of the Clean Water Act and natural resource damages filed by the US Department of Justice.

It also seeks to resolve complaints of environmental and economic damage presented by the states of Louisiana, Mississippi, Alabama, Florida and Texas.

BP Plc expects the agreement will increase pretax charge of the company for the disaster of the Deepwater Horizon rig on 22%, or 10,000 million dollars, a total of 53,800 million dollars.

The figure includes 4,500 million in civilian and military Department of Justice and the SEC penalties, and 14,000 million in costs cleaning operations.

The payments, as indicated by the agreement, will be made within 15-18 years. The Justice Department and the states of the US Gulf Coast may decide jointly accelerate payments if BP goes bankrupt or undergoes a change in its leadership, generated by a possible acquisition.

The agreement includes

• A 15-year payment of 5,500 million for violation of the Clean Water Act.
• A payment to 15 years from 7,100 million dollars to the US government-five states for damages to natural resources. BP aside $ 232 million for the payment of interest at the end of the period of 15 years, to cover the costs of further damage to natural resources that are currently unknown.
• A payment to 18 of 4,900 million to resolve claims for financial damages of the five states.
• Up to 1,000 million dollars to settle charges of more than 400 local governments.

The agreement does not include:

• At least 8,500 million dollars in court settlements by a class action in 2012 on charges of property damage, medical, economic individuals and businesses
Requests from individuals and companies who did not accept the agreement of 2012.
• A private assets litigation pending in federal court in Houston.

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