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U.S., BP finalize $20B Deepwater Horizon settlement

Five and a half years after the massive Deepwater Horizon oil spill closed fisheries, smothered wildlife and destroyed coastal wetlands from Texas to Florida, the federal government today finalized its roughly $20 billion settlement with BP PLC -- the largest ever with a single entity in America's history -- and unveiled its plan for repairing the damage.

The parties this morning filed the final consent decree with the federal district court in New Orleans. It hews closely to the principles laid out by the parties in July when a deal was first announced, although after taking a more refined look at the numbers, its total value is now estimated by the government to be as much as $20.8 billion (Greenwire, July 2).


Freeport-McMoRan hits new oil in deepwater Gulf

A new oil discovery in the Gulf of Mexico's deepwater frontier was announced yesterday.

The oil and gas arm of global mining giant Freeport-McMoRan Inc. told investors Monday that a rig it contracted with encountered a volume of hydrocarbons worthy of developing further at its Horn Mountain Deep well. The development is in the Mississippi Canyon region of the Gulf just off the southeast tip of Louisiana.


BSEE director worries oil downturn will affect safety

HOUSTON -- The Bureau of Safety and Environmental Enforcement's new confidential "near miss" reporting system is getting off to a rough start, but BSEE's director is inviting input to make it better.

Brian Salerno, who became BSEE's director in 2013, also expressed dismay at the recurrence of safety issues in industry operations in the Gulf of Mexico, drawing a contrast between companies that are members of the Center for Offshore Safety and those who are not.

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About this report

The sunken oil rig in the Gulf of Mexico is the worst oil spill in U.S. history. E&E examines the response to the spill, the politics of offshore drilling, and the aftermath for Gulf species and industries.




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