BP Unit, Trust Reach $29M Deal Over Oil Spill Losses

Law360, New York (May 13, 2009, 12:00 AM EDT) -- The BP Prudhoe Bay Royalty Trust has reached an approximately $29.5 million settlement agreement with a subsidiary of BP PLC over royalties lost in the wake of two Alaskan oil spills.

The $29.47 million deal between the trust and BP Exploration Inc., which was announced Tuesday and struck on Friday, resolves certain issues related to the temporary shutdown of the Prudhoe Bay oil field located on the North Slope of Alaska following oil spills on March 2, 2006, and Aug. 6, 2006.

Individual unit holders of...
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