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BP to Pay Over $20Bln for 2010 Deepwater Horizon Oil Spill

© Sputnik / Ramil Sitdikov / Go to the photo bankOil spill
Oil spill - Sputnik International
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The US Department of Justice has secured a record resolution of over $20 billion for claims against BP for its 2010 Deepwater Horizon oil spill in the Gulf of Mexico, Attorney General Loretta Lynch announced during a press conference on Monday.

In this April 21, 2010 file photo taken in the Gulf of Mexico more than 50 miles southeast of Venice on Louisiana's tip, the Deepwater Horizon oil rig is seen burning - Sputnik International
BP Pays US Record Settlement for Deepwater Horizon Spill
WASHINGTON (Sputnik) — Loretta Lynch explained that the DOJ’s historic resolution would include civil claims under the Clean Water Act, natural resources damages claims as well as economic damages claims.

"We have secured a historic resolution of our pending claims against BP totaling more than $20 billion – making it the largest settlement with a single entity in American history," Lynch said. "This agreement will launch one of the largest environmental restoration efforts the world has ever seen." 

Lynch explained that the DOJ’s historic resolution would include civil claims under the Clean Water Act, natural resources damages claims as well as economic damages claims from the five US states affected by the spill.

Lynch stressed that the settlement does not aim to deter other oil companies from ventures in the Gulf, but should be taken as a cautionary note to other companies.

"The settlement is not designed to discourage any valid economic activity in the Gulf and certainly not the oil production takes place there is also a valid and valued part of American economy," Lynch said. "What it is designed to do, however, is to <…> let other companies know that they are going be responsible for the harm that incurs should accidents like this happen in the future."

BP was responsible for one of the worst environmental disasters in US history when its Deepwater Horizon oil rig exploded killing 11 people and spilling millions of gallons of oil into the Gulf of Mexico in April 2010.

Following the BP spill, the company's share price reduced by half and froze dividends. BP was also forced to sell half of its offshore platforms and refineries to help meet a staggering fine of $40 billion for the clean-up and compensation costs.

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