BP To Pay $18.7bn To Settle Gulf Spill Cases

The US government and five states have reached a $18.7bn (£12bn) settlement with BP over the 2010 Deepwater Horizon oil disaster.

BP Exploration and Production has been granted up to 18 years to pay the money.

The states involved in Thursday’s settlement were Texas, Florida, Alabama, Mississippi and Louisiana.

The deal includes $8.1bn in payments to state and local governments, plus $5.5bn in Clean Water Act fines.

US Attorney General Loretta Lynch said the settlement “would bring lasting benefits to the Gulf region for generations to come”.

BP said the agreement would bring its full obligations over the spillage to about $53.8bn.

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