BP says oil spill compensation fund running out
LONDON (AFP) - British energy giant BP admitted on Tuesday that its US$20 billion (S$ 24 billion) fund to compensate victims of the 2010 US oil spill disaster has almost run out of cash.
The London-listed energy major made the announcement in its latest results statement, in which BP also revealed a huge switch back into net profit during the second quarter of 2013.
It signalled it would pay further disaster claims from future profits.
BP said it had increased the estimated amount of cash needed to compensate businesses and individuals from US$8.2 billion to US$9.6 billion.