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BP near settlement with US over Gulf spill

Associated Press Published: November 15, 2012
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BP has booked provisions of $38.1 billion to cover its liabilities from the incident, but the company has said the final cost remained highly uncertain. BP also recently announced that it expects to make the final payment this year to a $20 billion trust fund to cover damage from the blowout.

In March, BP announced a settlement estimated at $7.8 billion with more than 100,000 individuals and businesses for medical and economic losses.

In January 2011, a U.S. presidential commission found that the spill was caused by time-saving, cost-cutting decisions by BP, rig owner Transocean and cement contractor Halliburton.

In September last year, a team of Coast Guard officials and federal regulators concluded BP bears ultimate responsibility. Their report found BP violated U.S. regulations, ignored crucial warnings and made bad decisions during the cementing of the well a mile (1.6 kms) beneath the Gulf of Mexico.