BP in talks to settle Gulf spill claims

BP this morning confirmed that it was in “advanced discussions” with the US Department of Justice and the Securities & Exchange Commission to settle claims arising from the Deepwater Horizon incident in 2010.

The oil major said today it was discussing “proposed resolutions of all US federal government criminal and SEC claims against BP in connection with the Deepwater Horizon incident”.

The discussions are not expected to cover federal civil claims, BP said. It added that no final agreement had yet been reached, and any agreement would be subject to federal court approvals in the US.

London-based oil giant BP has been locked in months-long negotiations with the US government and Gulf Coast states to settle billions of dollars of potential civil and criminal liability claims resulting from the April 2010 explosion aboard the Deepwater Horizon rig.