BP reaches $7.8bn settlement over Gulf oil spill
BP says it has reached a settlement with the Plaintiffs' Steering Committee (PSC), subject to final written agreement, to resolve the majority of economic loss and medical claims stemming from the Deepwater Horizon accident and oil spill. 
The PSC acts on behalf of individual and business plaintiffs in the Multi-District Litigation proceedings pending in New Orleans (MDL 2179).
"From the beginning, BP stepped up to meet our obligations to the communities in the Gulf Coast region, and we've worked hard to deliver on that commitment for nearly two years,” said Bob Dudley, BP CEO.
"The proposed settlement represents significant progress toward resolving issues from the Deepwater Horizon accident and contributing further to economic and environmental restoration efforts along the Gulf Coast."
BP estimates that the cost of the proposed settlement, expected to be paid from the $20 billion Trust, would be approximately $7.8 billion.
This includes a BP commitment of $2.3 billion to help resolve economic loss claims related to the Gulf seafood industry.
The proposed settlement does not include claims against BP made by the United States Department of Justice or other federal agencies (including under the Clean Water Act and for Natural Resource Damages under the Oil Pollution Act) or by the states and local governments.
The proposed settlement also excludes certain other claims against BP, such as securities and shareholder claims pending in MDL 2185, and claims based solely on the deepwater drilling moratorium and/or the related permitting process.
For more details on the settlement, click here to read our upstream sister publication World Oil.
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