(OFFSHORENO) Petroleum company BP has agreed to pay $ 18.7 billion in compensation for extensive oil spill in the Gulf of Mexico in 2010.

With this agreement we are on the way to close the case, says chairman Carl-Henric Svanberg BP said in a statement. The compensation is equivalent to over 148 billion.

BP has fought a long battle in the American legal system to restrict compensation payments.

Attorney Loretta Lynch satisfied with the compensation, and she says that the settlement, if it is approved by the court, will help good at repairing damage caused by the oil spill.

Oil platform Deepwater Horizon exploded in the Gulf of Mexico on 20 April 2010 and caused the largest oil spill in US history. Eleven people died and large coastal areas were contaminated by oil.


Source: Offshoreno, WSJ