BP agrees to pay $4.5 billion in penalties for the Deepwater Horizon oil spill disaster

imageBP Plc will pay $4.5 billion in penalties and plead guilty to felony misconduct in the Deepwater Horizon disaster, which caused the worst US offshore oil spill ever. The settlement includes a $1.256 billion criminal fine, the largest such levy in US history.

About BP plc, Supermajors, Deepwater Horizon

BP plc

  • BP plc  is a British multinational oil and gas company headquartered in London, United Kingdom.
  • 3rd-largest energy company and 4th-largest company in the world measured by 2011 revenues and is one of the six oil and gas "supermajors".

Supermajors

  • A supermajor is one of the world’s 5 or 6 largest publicly owned oil and gas companies.
  • The supermajors are considered to be:
  1. BP p.l.c.
  2. Chevron Corporation
  3. ExxonMobil Corporation
  4. Royal Dutch Shell plc
  5. Total S.A.
  6. ConocoPhillips Company also sometimes described as forming part of the group.

Deepwater Horizon oil spill

  • The Deepwater Horizon oil spill (also referred to as the BP oil spill, the BP oil disaster, the Gulf of Mexico oil spill, and the Macondo blowout) is an oil spill in the Gulf of Mexico which flowed unabated for three months in 2010, and may be continuing to seep.
  • It is the largest accidental marine oil spill in the history of the petroleum industry.

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Categories: Environment Current Affairs 2018International Current Affairs 2018

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