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BP has opened the latest round of its legal battle in the US over the Gulf
of Mexico oil spill by arguing in a court filing that it should pay a final
penalty below $16-18bn (£10.2 - 11.5bn) being sought, due partly to the
falling price of crude.
In a filing to the Louisiana District Court, the British oil major argued:
“The penalty sought by the US would have a very significant negative
economic impact on BPXP (BP Exploration & Production), particularly in an
economic environment in which the price of oil has dropped approximately
45pc.”
In the filing, the company added: “A per-barrel penalty at the lower end of
the statutory range would satisfy the goals of the CWA (Clean Water Act).”
Oil prices in the US have fallen to under $60 per barrel, from around $80 in
2010.
In September a US court ruled that BP had acted with “gross negligence”
over the Gulf of Mexico oil disaster, which could expose the company to a
final fine under the CWA of $4,300 per barrel that was spilled. US
authorities estimated that the Macondo well leaked 4.2m barrels into the
Gulf when it exploded in 2010.
“Despite initially dire predictions, more than four years of data show that
the impact was far less than feared and that the Gulf has largely recovered
, due in significant part to this massive clean-up and response effort,”
the company said. “BPXP has incurred huge liabilities as a result of the
spill, totalling more than $42bn – an amount that is more than sufficient
to deter behaviour likely to result in a future release.”
Meanwhile, BP has signed a joint-venture deal with the State Oil Company of
the Republic of Azerbaijan (Socar) to explore for and develop potential
prospects in the shallow water area around the Absheron Peninsula of the
Caspian Sea. |
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