US Supreme Court refuses to hear BP challenge to Gulf payments

The US Supreme Court has decided not to hear the case brought to it by BP over its liability for compensation claims resulting from the 2010 oil spill in the Gulf of Mexico.

As a result, the oil giant could see the eventual bill for the spill rise significantly above the $9.7bn it had already provisioned so far to cover what was estimated to be the potential cost of the so-called “business economic loss-claims”.

The oil explorer and producer believes the terms of its 2012 settlement with US authorities has been misinterpreted, as it has been having to pay make payments even to those businesses which did not suffer any injuries as a result of the environmental disaster.

Responding to the US tribunal’s decision, a company spokesman said: “"On behalf of all our stakeholders, we will therefore continue to advocate for the investigation of suspicious or implausible claims and to fight fraud where it is uncovered."

In total the firm has thus far provisioned funds worth $43bn to cover all the potential claims arising from the spill.

Shares of BP finished the session 1.7% lower at 417.3p in a falling market.