Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

US court rejects BP to halt payments

by

Mar 05, 2014 - 12:00 am GMT+3
No Image
by Mar 05, 2014 12:00 am
Compiled from agencies - A U.S. federal court has rejected petroleum giant BP's efforts to halt payments relating to the Deepwater Horizon oil spill and said that an earlier injunction stopping payments to claimants should be lifted. BP had argued that some firms filed fictitious spill claims and complained that the payout formula was too generous. However, "the settlement agreement does not require a claimant to submit evidence that the claim arose as a result of the oil spill," wrote the court in its verdict.

In 2012, BP agreed to make payments to those who suffered economic losses as a result of the disaster aboard the Deepwater Horizon drilling rig. The explosion killed 11 workers and spilled an estimated four million barrels of oil into the Gulf of Mexico, making it the worst offshore oil spill in U.S. history.

As a result of the ruling, BP will potentially have to pay out billions more to businesses than it had previously thought. The firm initially estimated the spill settlement would cost $7.8 billion but later revised that figure upwards to $9.2 billion once the full scope of the claimants became apparent. BP has said that an adverse ruling could push that figure even higher. As of February 11, the settlement fund had paid out more than $3.8 billion to businesses who claimed to have been adversely impacted by the oil spill. Another $1 billion has been approved but not yet paid.

The U.S. government's Sept. 2011 report pointed to the defective cement on the well, faulting mostly BP, but also rig operator Transocean and contractor Halliburton.

Earlier in 2011, a White House commission likewise blamed BP and its partners for a series of cost-cutting decisions and an insufficient safety system.

  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    business
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Palestinians in Gaza tirelessly work to make charcoal for winter
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021