We all know about the BP oil spill disaster. On 20th April 2010, an oil drilling rig by the name of Deepwater Horizon met with an accident. There was a big explosion in which 11 workers died and 17 were injured. Deepwater Horizon was owned by Transocean. At the time of the accident the drilling rig was connected to BP’s oil well. This explosion led to the oil spill. After a thorough analysis 35 factors were identified to have caused the accident out of which BP was held responsible for 21 factors. The oil well was over the budget for BP and so in order to reduce the costs BP had used less volume of cement for the security of the well. At the time of explosion the well could not withstand its impact.
This was the primary cause behind the oil spill. Initially the GCCF was handling the processing of BP claims and BP settlement fund but it did not work in an efficient manner. It was observed that the GCCF denied BP claims to many. Many claims that were valid, well documented and well organized were rejected for no good reason. In February 2012, BP oil spill settlement talks were on between BP and the attorneys of all the people and companies who were affected by the oil spill in the Gulf of Mexico. BP has come to an agreement with PSC regarding BP final settlement and a 354 page document has been submitted to the court in this pretext. The BP oil spill into the Gulf of Mexico was a disaster.
After the incident the company’s main concern was about how to deal with thousands of BP lawsuits. Many individuals and businesses suffered major monetary loss due to this incident. BP transferred $20B into an escrow account as a BP oil spill settlement fund. This fund would be handled by an administrator and all the procedures will be monitored by the court. This account was set up to provide relief to thousands of people who were affected by the oil spill. An amount of $20B is kept secured in order to provide relief to the injured party. It was believed that the claimants would get their money in a short period of time since the settlement system will now be court monitored and BP will not interfere in the processes. GCCF in the meanwhile is contacting individuals and businesses for quick settlement. While it is offering BP $5000 settlement to individuals, it is ready to pay a compensation of $25000 to businesses.
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