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BP. oil

Oil & Gas

BP Gulf oil spill trial phase ends

The latest phase of a US trial to decide how much BP should pay in penalties for the 2010 Gulf of Mexico oil spill has ended. The amount BP could face in Clean Water Act penalties could reach 13.7 billion dollars (9.1 billion), but a decision from the judge is not expected for months. The New Orleans trial closed after two weeks of testimony and arguments by lawyers for the US justice department, which wants a high penalty, and BP, which wants a lower figure. Lawyers may file briefs in the case as late as April and it remains unclear how soon after that District Judge Carl Barbier will rule.

Other News

BP probes traders on ‘rigging link’

Oil giant BP faces being drawn into the foreign exchange (forex) rigging scandal after it emerged that it has been investigating whether its traders were linked to the manipulation of the £3 trillion-a-day market. The UK-based group said it had carried out a review of its activities after global regulatory probes which resulted in six banks last month being fined £2.6 billion for rigging the market. Details emerged after reports that members of a BP trading unit were told of planned currency trades hours before they happened.