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The Deepwater Horizon explosion and oil spill resulted in an onslaught of litigation. Litigation commenced almost immediately after the explosion and oil spill. By May 27, 2010, Transocean, which owned the Deepwater Horizon, said in testimony before the U.S. House Judiciary Committee that it was defendant in 120 lawsuits, of which more than 80 were class actions seeking payment for financial ...
Two months have passed since BP's (BP) horrific oil spill sent a wave of environmental damage and economic chaos along the Gulf Coast, but to date the oil company has paid out less than 12% of the ...
LONDON -- The Deepwater Horizon disaster, which claimed 11 lives and released almost 5 million barrels of crude oil into the Gulf of Mexico, happened almost three years ago. And yet, as a ...
The Deepwater Horizon Oil Spill Trust is the $20 billion trust fund established by BP to settle claims arising from the Deepwater Horizon oil spill.The fund was established to be used for natural resource damages, state and local response costs and individual compensation. [1]
[11] [12] The Deepwater Horizon oil spill is regarded as one of the largest environmental disasters in world history. A massive response ensued to protect beaches, wetlands and estuaries from the spreading oil utilizing skimmer ships, floating booms , controlled burns and 1,840,000 US gal (7,000 m 3 ) of oil dispersant . [ 13 ]
Deepwater Horizon was an ultra-deepwater, dynamically positioned, semi-submersible offshore drilling rig [7] owned by Transocean and operated by the BP company. On 20 April 2010, while drilling in the Gulf of Mexico at the Macondo Prospect, a blowout caused an explosion on the rig that killed 11 crewmen and ignited a fireball visible from 40 miles (64 km) away. [8]
As of 2010, before payouts related to the Deepwater Horizon drilling rig explosion, the fund stood at $1.6 billion. [14] The hydroelectric industry is not generally held financially liable for catastrophic incidents such as dam failure or resultant flooding.
In May 2010 the U.S. Department of the Interior issued a moratorium on all deepwater drilling in the wake of the Deepwater Horizon oil spill, pending a six-month review by a White House appointed panel. On May 27, the United States Department of the Interior issued a press release which indicated: