REUTERS
British energy giant BP will pay a record $20.8 billion to settle claims for damages stemming from the 2010 Gulf of Mexico oil spill, U.S. Attorney General Loretta Lynch said on Monday, The Wall Street Journal reported.
The amount is significantly higher than a previously announced deal in which BP was set to pay $18.7 billion to resolve claims from U.S. government entities, according to the report.
"This historic resolution is a strong and fitting response to the worst environmental disaster in American history," Lynch said at a press conference.
The spill was sparked by an explosion on the Deepwater Horizon rig, which killed 11 men. A total of 4.9 million barrels of oil is said to have spilt for nearly three months before the shattered well was finally capped.