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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.