BP fined $25m over 2006 spill

clock

Oil major BP has agreed a deal with the US Department of Justice to pay $25m following the Prudhoe Bay oil spill in 2006.

The fine, which is currently in the form of a consent decree and needs to be approved by a public review, is part of a wider deal which will also see it comply with a series of other measures. BP would have to follow a set of requirements covering Prudhoe Bay pipeline operations, as well as retain an independent contractor to monitor future operations. BP, which is facing further action over last year's spill in the Gulf of Mexico, did not admit any liability nor was there any per-barrel penalty assessed in the agreement, the group said.

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Five key takeaways from the Spring Statement 2025

Five key takeaways from the Spring Statement 2025

OBR growth, ISA reforms and defence

Sorin Dojan
clock 27 March 2025 • 4 min read
Bank of England halts interest rate cuts amid ongoing inflation

Bank of England halts interest rate cuts amid ongoing inflation

As priced in by markets

Sorin Dojan
clock 20 March 2025 • 2 min read
More work needed to tackle inflation as BoE members warn of further market turmoil

More work needed to tackle inflation as BoE members warn of further market turmoil

BoE MPC members spoke at Treasury Committee hearing

Sorin Dojan
clock 06 March 2025 • 2 min read