BP agrees $4.5bn Macondo settlement

UK supermajor BP has entered a guilty plea and agreed to pay a fine of $4.5 billion

UK supermajor BP has entered a guilty plea and agreed to pay $4.5 billion – the largest criminal fine in US history – to settle claims stemming from the 2010 Macondo blowout and spill. The settlement, agreed with the Department of Justice,  will protect the company from further criminal prosecution, BP said in a statement. It is a stunning admission of responsibility. Eleven crew on the Deepwater Horizon semi-submersible, which had drilled the well on the Macondo prospect for BP, were killed when the well blew out. The Transocean semisub was destroyed in the incident, which triggered an 87-day oil spill. BP faces 14 charges, 11 of them for manslaughter. BP has also admitted to lying to the U