and more vibrant than before the disaster.
"If made final, the settlement will provide the US and Gulf states with the resources and certainty needed for effective restoration planning and improvements."
The consent decree filed in federal court includes the following payments from BP:
- a $5.5 billion penalty under the Clean Water Act: the largest civil penalty in the history of environmental law.
- $8.1 billion in natural resources damages, which includes the $1 billion BP already committed to pay for early restoration.
BP will also pay up to $700 million if additional damages to natural resources are discovered.
- $600 million for other claims, including the cost of the natural resource damage assessment and other expenses.
BP also entered into separate agreements to pay $4.9 billion to the five affected states -- Texas, Louisiana, Mississippi, Alabama and Florida -- and up to a total of $1 billion to hundreds of local governmental bodies to settle claims for economic damages they have suffered as a result of the spill.
The energy giant had initially estimated the cost of the global settlement to be $18.7 billion when the deal was first announced in July.
The additional $2.1 billion cited by the government "does not reflect a new settlement or any new money," BP spokesmen Geoff Morrell said.
Instead, it simply includes funds already spent or disclosed by BP.
"This settlement resolves the largest litigation liabilities remaining from the tragic accident, providing BP certainty with respect to its financial obligations and allowing us to focus on safely delivering the energy the world needs," Morrell said in a statement.
BP´s total pre-tax costs for the disaster were $54.6 billion, according to second quarter results reported in July.
The cost to BP of the initial response was more than $14 billion. BP pleaded guilty in 2013 to 11 counts of felony manslaughter in a $4.5 billion deal to settle criminal charges.
BP had previously established a $20 billion trust fund to cover compensation claims. It has paid out more than $13 billion, much of which went to individuals and businesses. It has been able to recover some of the costs from its well partners.