BP settles final Gulf oil spill claims for $20B

London-based oil company BP will pay more than $20 billion to settle the remaining claims against it for the 2010 Deepwater Horizon spill.

The U.S. Department of Justice announced this week the deal was the largest settlement with a single entity in the department’s history.

The total settlement – $20.8 billion – is divided between $5.5 billion for federal Clean Water Act penalties, $8.1 billion for natural resource damage and nearly $6 billion for state and local governmental bodies. Another $1.3 billion has been allotted for undiscovered concerns and other claims.

BP’s estimated cost for the disaster is $54.6 billion. A BP spokesman said smaller claims are outstanding but will not receive material compensation.

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