BP makes last appeal over Deepwater Blue oil leak

BP is appealing a decision by the US Fifth Circuit appeals court in New Orleans in the hope of stopping its bill for the Gulf of Mexico oil leak go up by billions.

22 May 2014

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This is the oil giant’s last chance of keeping its compensation bill below an estimated US$7.8b for the 2010 oil leak. It claims that the current compensation system, administered by an independent judge, is being handled incorrectly. The company said in a statement: ‘No company would agree to pay for losses that it did not cause, and BP certainly did not when it entered into this settlement.’ If the system is not changed, as it wants, it seems that the actual cost could amount to more than $15b. Source: Financial Times