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A statement from the U.S. Justice Department has says the agreement involving the federal government, five gulf states and BP Exploration and Production will be filed Monday
potential buyer might be forced to accelerate the payment of up to two thirds of the $18.7 billion in penalties the company agreed to pay the U.S. and several states, according to company filings. As it stands, BP has more than 15 years.
The measure codifies many of the steps that companies have already taken to better keep offshore wells in check, including more rigorous maintenance and testing of the blowout preventers that act as a last line of defense against uncontrolled surges of oil and gas.
The Obama administration is poised to lay out new requirements for controlling offshore wells, nearly five years after the Gulf of Mexico oil spill vividly illustrated the damage that can be unleashed when they are not kept in check.
The Woodlands-based oil company had owned 25 percent of the doomed Macondo well and is on the hook for up to $1,100 in fines for every barrel that reached the Gulf of Mexico in 2010.
“There is no dispute that BP lied,” about how much oil flowed from the Macondo well during the 2010 Gulf of Mexico oil spill, U.S. District Judge Carl Barbier said, but that didn’t factor in to the effort to stop the blowout.
BP wants a federal judge to cap its potential oil-spill pollution fines at a maximum of $12.3 billion, a move that would cut away nearly a third of the penalties U.S. prosecutors are seeking for the Deepwater Horizon disaster.
New research is shedding more light on the fate of the crude that gushed out of BP’s failed Macondo well in 2010.
BP is arguing in court that certain findings in a federal judge’s recent ruling actually work in its favor.