BP Gulf Spill Trial Set For January

Posted by Joseph R. Fonseca
Tuesday, April 22, 2014

 

The high-stakes penalty phase of BP's trial over its role in the 2010 U.S. Gulf of Mexico oil spill will start next January, court officials said on Tuesday, and billions of dollars could be on the line.

Fines under the Clean Water Act could top $17 billion, an amount more than BP's profit in 2013, which after items was $13.4 billion.

U.S. District Judge Carl Barbier in New Orleans has considerable leeway and could assess a much smaller fine after the third and likely final stage of the trial, which will assess the environmental impact of the largest offshore spill in U.S. history. The third phase will run from Jan. 20 to Feb. 5 of 2015.

The trial's first phase dealt with the issue of negligence and concluded last April. The second phase of the trial, which ended last October, focused on estimating how many million barrels of oil leaked from the blown out Macondo well for 87 days after the accident that killed 11 workers. Findings from the first two phases will affect the size of the fines.

BP has set aside more than $42 billion in provisions for cleanup, compensation and fines since the spill.

Separately on Tuesday, the British major said it had agreed to sell interests in four, mature BP-operated oilfields and related pipelines on the North Slope of Alaska to the production company Hilcorp as it works to invest in new opportunities there. (Reporting By Terry Wade)

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Oceanteam Acquires Oceanwind

Oceanteam Shipping has acquired the remaining 48% stake in fellow Dutch firm Oceanwind and is now the sole owner of Oceanwind Cable Storage & Handling Solutions.

US Senate Energy Panel Votes to Lift Oil Export Ban

The U.S. Senate Energy Committee on Thursday passed a bill that would lift a decades-old ban on the export of crude oil.   The 22-member panel passed the bill

Legislation Introduced to Lift Cuba Embargo

A new piece of legislation, the Cuba Trade Act of 2015, was introduced in Congress Tuesday that aims to lift the Cuba embargo and allow for U.S. businesses in the

Energy

Shell Moves Ahead in Arctic with Exploratory Well

Shell Oil's controversial icebreaker MSV Fennica weaved through nine remaining protesters hanging from the St. Johns Bridge and made its way toward the Pacific Ocean.

US Senate Energy Panel Votes to Lift Oil Export Ban

The U.S. Senate Energy Committee on Thursday passed a bill that would lift a decades-old ban on the export of crude oil.   The 22-member panel passed the bill

Activists Block Shell's Arctic Drilling Quest

Greenpeace protestors dangling from a bridge on Thursday in Portland, Oregon, halted an icebreaker that Royal Dutch Shell needs in northern Alaska before it can

News

SSE Rolls Out Two Shipping Indices

Shanghai Shipping Exchange launched on Wednesday the "Belt and Road" shipping indices, tracking trade data and shipping freight rates under the initiatives of

Shanghai 6th Best Shipping Center Globally

Shanghai has moved up the rankings of the world’s top shipping centers to sixth place, surpassing Dubai thanks to Free Trade Zone regulations and the Belt and Road Initiative,

China Cosco Guides H1 Profits at $306mln

China Cosco Holdings, the flagship unit of Cosco Group, is expecting a net profit of Yuan1.9bn ($306m) for the first half, against the Yuan2.3bn loss during the same period last year.

Maritime Safety

AEU Presents Safety Awards

The American Equity Underwriters, Inc. (AEU) presented its 2014 Safety Awards at the annual American Longshore Mutual Association, Ltd. (ALMA) Conference on July 19, 2015, in Key Biscayne, Fla.

ClassNK Releases Guidelines for CNG Carriers

Classification society ClassNK has released its Guidelines for Compressed Natural Gas (CNG) Carriers.   Global economic and population growth is bringing about

China, Russia in Sea of Japan Joint Military Drills

China and Russia will hold joint naval and air defence drills in the Sea of Japan, China said on Thursday, the latest exercises between the two countries which could concern Japan,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1547 sec (6 req/sec)