BP pledges $1bn for Gulf repair projects

BP has agreed to provide $1 billion (€686,173) toward initial projects in the Gulf of Mexico to address damage to natural resources from last year’s oil spill, the US Justice Department said.

The announcement came as it emerged BP has filed for damages of more than $80bn from Halliburton and Transocean a year after the Gulf of Mexico rig explosion that killed 11 workers and spewed millions of barrels of oil into the sea.

Analysts said BP has little chance of winning the cases — particularly if service providers are protected by indemnities — and is more likely trying to force the companies to settle.