BP intends to limit oil spill compensation

International Energy News: BP on the 8th said in a document that due to the gradual elimination of the impact of oil spills in parts of the Gulf of Mexico, the oil giant intends to stop compensating some of the victims of the oil spill.

In a document submitted to the Gulf of Mexico compensation management agency, British Petroleum said that tourism in the affected areas has recovered and all federal fisheries have opened up to the outside world and the shrimp resources are abundant. "Current economic data shows that some individuals or commercial claimants will not be exposed to the risk of material damage caused by the sinking of the Deepwater Horizon."

Last year, the British-oiled drilling platform Deepwater Horizon exploded into the Gulf of Mexico, causing an 87-day oil spill disaster. About 4.9 million barrels of crude oil flowed into the Gulf of Mexico, contaminating large coastal wetlands and beaches, and hitting the fishing and shrimp industries.

BP needs to pay for oil slick clearance and reconstruction costs, pay environmental fines, and compensate ordinary people affected by the oil spill.

The latest oil and gas giant’s quarterly report estimates that the oil spill may eventually cost US$41.3 billion. How much "English" oil needs to bear "extreme uncertainty".

British Petroleum previously established $20 billion in compensation, and has now withdrawn $4.5 billion to pay claimants.

On the 8th, the British Petroleum pledged to “pay all legal claims” in the document, but it needs to “reassess” the formula for calculating losses based on “the current economic reality in the Gulf of Mexico”.

The company said that the industry of catching oysters is still affected by the oil spill and relevant employees will continue to receive compensation.

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