BP oil spill report may prompt payout

Findings of the second major investigation by the US government into the 2010 Gulf of Mexico oil spill may press BP into putting more than $30 billion (Dh110 billion) on the table to quickly settle its outstanding legal headaches. The joint Coast Guard and Bureau of Ocean Energy Management, Regulation and Enforcement probe into the Macondo blow-out that led to the deaths of 11 men and the biggest offshore oil spill in US history, put most of the blame on BP. The report, released on Wednesday, was even more damning of BP's behaviour than the Presidential panel's findings, which were issued in January and February. Both reports also highlighted mistakes made by BP's contractors, driller Transocean and cement specialist Halliburton. The investigations have not left London-based BP eager to face the Department of Justice or civil claimants in court. "We would like everything settled as soon as we can, otherwise you have lingering reputation issues and investor uncertainty," one insider said after the latest report. BP declined to comment on its legal strategy. Companies often drag out litigation, as payments in the future have less value than payments now.