BP Wants to Pay Below $15 Billion for Gulf Oil Spill [REPORT]

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June 11, 2012

The Financial Times on Friday reported that BP PLC (BP) hopes to pay less than $15 billion to settle all penalties with the Department of Justice over the massive oil spill in the Gulf of Mexico two years ago, citing a person familiar with the discussions.

The DOJ, however, wants the company to pay $25 billion and the discussions are accelerating, the person told the newspaper.

Meanwhile, a U.S. federal judge on Monday ruled against BP Plc’s (BP) bid to gain access to 21 emails and other documents sent by the White House and other officials related to the 2010 Gulf of Mexico oil spill, according to Reuters.

The report states that the federal government’s need to keep the documents confidential and the public interest in ensuring an effective response to the next disaster outweighed BP’s need for the documents to defend itself in litigation, Judge Sally Shushan said in New Orleans.

Company spokesman Scott Dean declined comment, according to the report.

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