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Lost oil spill appeal could cost BP

Tuesday, March 04, 2014 - 01:10

March 4 - BP has lost another legal battle over the Gulf of Mexico oil spill. Hayley Platt looks at the impact of the ruling not to block businesses from recovering money, even if they can't trace their losses to the disaster.

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It was largely expected but still another blow for BP. A US court has rejected the oil giant's appeal over compensation payouts for the Gulf of Mexico spill. BP wanted to stop businesses claiming for losses it said were not directly linked the 2010 disaster. BGC's Mike Ingram. SOUNDBITE: Mike Ingram, Strategist BGC Partners, saying (English): "They're effectively saying people who are putting a claim to BP don't need to provide any evidence. That BP was ultimately responsible for their supposed loss." BP's shares held steady but the court's decision is a setback. The company had originally put the total cost of the settlement at $7.8 billion. That figure now stands at $9.2 billion. SOUNDBITE: Mike Ingram, Strategist BGC Partners, saying (English): "There is a worry that the US courts are going to take a very favourable view of some of these civil cases and it may actually be an open wound for BP for year's to come." The Deepwater Horizon disaster killed 11 people and triggered the largest US offshore oil spill. BP's now barred from winning new contracts in America. It's considering a further appeal over the compensation claims.

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Lost oil spill appeal could cost BP

Tuesday, March 04, 2014 - 01:10