Arbitrators Award Alaska $255M For 2006 BP Oil Spill

Law360, New York (November 8, 2012, 10:17 PM EST) -- Alaska announced Thursday that the state has won a $255 million arbitration award against a BP PLC subsidiary for taxes lost during the 2006 Prudhoe Bay oil production shutdown following two oil spills caused by poorly maintained pipelines.

In a decision issued Oct. 31, a private arbitration panel found in favor of the state and ordered BP Exploration (Alaska) Inc. to pay $210 million in damages plus $10 million to settle civil assessments for the spills. With interest, the total award adds up to $255 million,...
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