BP oil spill compensation

Despite achieving an $18.7 billion settlement earlier in the day this month, BP probably isn’t done spending money to resolve statements stemming from the power giant’s disastrous 2010 gulf oil spill.

BP remains dealing with settlement claims recorded by thousands of area companies saying they suffered losings because of the oil spill.

BP’s recent huge settlement solved all federal and state statements that arrived on the scene for the Deepwater Horizon accident and included agreements with five Gulf Coast says — Alabama, Florida, Louisiana, Mississippi, and Tx — as well as more than 400 regional governments. BP’s settlement also incorporates a $5.5 billion civil penalty to-be compensated across after that 15 years in wash liquid Act. The organization stated in early July the settlement brings just how much BP features paid because of the 2010 oil spill to $53.8 billion.

But, the company is likely still on the hook for more money, with businesses lining up for compensation. According to the Financial Times, businesses filed more than 115, 000 claims with the Deepwater Horizon Claims Center ahead of an early-June deadline for compensation claims. Thousands of those claims were either settled or thrown out, but FT reports that more than 60, 000 claims have yet to be fully processed.

BP put away significantly more than $10.3 billion to cover the many compensation claims but, in accordance with FT, the business may wind up spending at the very least $2 billion significantly more than that amount.