Tag: Gulf of Mexico

U.S. Agrees to Allow BP Back Into Gulf Waters to Seek Oil

Four years after the Deepwater Horizon rig explosion, BP is being welcomed back to seek new oil leases in the Gulf of Mexico. An agreement on Thursday with the Environmental Protection Agency lifts a 2012 ban that was imposed after the agency concluded that BP had not fully corrected problems that led to the well…

BP Gulf Of Mexico Fund Running Out Of Cash

BP’s compensation fund that it set up to pay claims related to the Gulf of Mexico oil spill is running out of cash. The oil giant announced that the fund, which originally had $20bn, has just $300m left. The deadline for business to claim loss of earnings due to the spill is not until April…

BP To Pay Record $4 Billion In Damages For Role In Oil Spill Disaster

BP will pay an unprecedented $4 billion in criminal penalties and plead guilty to manslaughter and other charges for its role in the 2010 Gulf of Mexico oil spill disaster. A US judge approved the agreement Tuesday. BP is pleading guilty to charges relating to the 11 workers’ deaths and for lying to Congress about…