A Review of the Nigerian Energy Industry

Macondo blowout: BP ‘cannot claim $700m insurance’

16 February 2015, News Wires – BP cannot claim around $700 million of insurance carried by rig owner Transocean to cover the blowout of the UK supermajor’s Macondo well in 2010, the Texas Supreme Court has ruled.

bp bigThe state’s highest court, upholding the views of lower courts, ruled BP was covered by Transocean’s insurance for pollution on the water’s surface, but not under it, Reuters reported.

Transocean owned the Deepwater Horizon rig that burned and sank when the UK operator’s well erupted, killing 11 men and leading to the worst offshore oil spill in US history.

BP is awaiting a separate ruling from a New Orleans federal judge, expected some time this year, over its fines under the US Clean Water Act.

– Reuters

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