BP oil spill bill rises

BP has taken a further £1.2bn hit from the Deepwater Horizon oil spill in 2010.

The oil major said cash payments related to the blast – which killed 11 rig workers and led to millions of gallons of oil being spewed into the Gulf of Mexico – are expected to be around £2.2bn in 2018, more than its previous estimate.

The bill had already reached more than £45bn by December and, with the additional costs, is now greater than the bailout of RBS in the financial crisis.

BP said it will ‘vigorously appeal’ claims it believes are false.