BP handed record fine for Deepwater oil spill

The 2010 Deepwater Horizon explosion and oil spill in the Gulf of Mexico has now cost BP more than $50bn

BP has been ordered to pay a total of $18.7bn (£21.1bn) for its role in the Deepwater Horizon explosion and oil spill in the Gulf of Mexico in 2010.

On 2 July, the oil firm announced that its legal wrangling with the US federal government and five states had concluded with a multi-billion dollar settlement. The payments will be made in installments over 18 years.

But although the company was judged to have been “grossly negligent” and “reckless” for its role in the disaster, it has escaped being fined the maximum amount.

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