(MENAFN) BP Plc has reached a comprehensive USD18.7 billion settlement with the US government and five states, a landmark deal which ends spill claims in the 2010 Gulf of Mexico, Arab News reported.
It could be the largest settlement with a single entity in US history. The April 20, 2010, rig explosion killed 11 workers and spewed millions of barrels of oil for nearly three months onto the shorelines of several states.
The agreement covers US Clean Water Act fines and natural resources damages, along with claims by Alabama, Florida, Louisiana, Mississippi, Texas and 400 local government entities.
BP's shares rose 5.3 percent as the extent of the company's liabilities became clear for investors, even as it increased its cumulative pretax charge for the disaster by about USD10 billion to USD53.8 billion.
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