Breitling Oil and Gas Morning Podcast #198 11-28-12

BP has agreed to pay US $4.5 billion and plead guilty to 12 felony and two misdemeanor counts in connection with the April 2010 Deepwater Horizon accident that left 11 people dead, harmed the environment, and led to revamped safety practices in the Gulf of Mexico.

The agreements reached with the US government, announced Nov. 15, include $525 million payable over three years to resolve SEC claims. The deal brings to an end the Federal Deepwater Horizon-related claims.

The criminal charges include 11 felony counts of misconduct or neglect of ships officers concerning the 11 lives lost, one felony count of obstruction of Congress concerning flow rate estimates, one misdemeanor count under the Clean Water Act, and one misdemeanor count under the Migratory Bird Treaty Act.

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