BP statement on restitution for Deepwater Horizon oil spill

Updated
 

“All told, BP has paid out to date more than $13 billion on claims by individuals, businesses, and government entities.  This includes payments made as part of BP’s claims process, the Gulf Coast Claims Facility, and the Court Supervised Settlement Program (CSSP).

 
According to publically available data, the CSSP alone has issued more than 87,000 awards with a total value of more than $5.3 billion.  Payments by the CSSP to date total approximately $4.8 billion.   The data shows that the CSSP has issued initial determination notices with regard to approximately 80% of the claims filed to date.  The claims that have been determined to date but have not been issued an award fall into the following main categories:  (i) denied by the CSSP (approximately 78,000); (ii) found to be incomplete by the CSSP (approximately 42,000); (iii) withdrawn or closed (approximately 23,600); (iv) found to have no compensable damages by the CSSP (approximately 4,200); and (v) the claimant opted out (approximately 3,600).  It should be noted that the CSSP gives all claimants that have submitted incomplete claims a chance to cure the deficiency,
 
In addition to claims, BP has also spent to date more than $14 billion on response and clean-up.  We’ve paid approximately $1.3 billion for the largest Natural Resource Damage Assessment (NRDA) in history and committed $1 billion to early restoration projects that could go forward while the NRDA is ongoing.
 
No company has done more to respond to an industrial accident, and we are extremely proud of our economic and environmental restoration work.”

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BP statement on restitution for Deepwater Horizon oil spill

Updated