BP warns that $4.5bn deal is not the end of Gulf of Mexico disaster

The oil major agreed a $4.5bn (?2.8bn) settlement with US authorities on Thursday to end criminal charges over the 2010 accident and pleaded guilty to manslaughter of the 11 men who died. But it is yet to resolve civil claims, due to be heard at a trial starting in February. These include fines under the Clean Water Act, for which BP has budgeted $3.5bn as it denies a ?gross negligence? charge sought by the US. That could bring fines of $21bn.

Brian Gilvary, BP?s finance chief, told analysts: ?If something were to happen at the trial that read across to gross negligence we would certainly take that to appeal, which would probably take you out to 2014 or 2015.?

BP is in talks with US officials to settle, but demands made by the five Gulf states affected by the spill are seen as stumbling blocks, which prevented the oil giant sealing a sought-after ?global settlement? of all claims. A settlement, at least at federal level, is still seen as likely.

However, BP is said to be confident about its chances at a trial, given it has now agreed two settlements based on ?negligence? rather than ?gross negligence? and the case will be tried by a judge not a potentially emotional jury, as it would have faced over criminal charges.

Source: http://telegraph.feedsportal.com/c/32726/f/569181/s/25b10711/l/0L0Stelegraph0O0Cfinance0Cnewsbysector0Cenergy0Coilandgas0C96856830CBP0Ewarns0Ethat0E40B5bn0Edeal0Eis0Enot0Ethe0Eend0Eof0EGulf0Eof0EMexico0Edisaster0Bhtml/story01.htm

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