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BP 'to fund $20bn spill payouts' BP to fund $20bn oil spill payout
(about 1 hour later)
The White House meeting was the first between the president and BPThe White House meeting was the first between the president and BP
Under-fire oil firm BP is to place $20bn (£13.5bn) in a special fund to deal with compensation payouts after the Gulf oil spill, US media report. Oil firm BP is to place $20bn (£13.5bn) in a special fund to deal with compensation payouts after the Gulf oil spill, Barack Obama has said.
BP executives were said to be finalising a deal at White House talks with President Obama and aides. The US president confirmed the deal after talks at the White House with senior BP executives.
The meeting was held the morning after Mr Obama made his first Oval Office TV address over the oil spill.The meeting was held the morning after Mr Obama made his first Oval Office TV address over the oil spill.
The fund is to be run by a lawyer who oversaw compensation claims after the 9/11 attacks, reports said. The fund is to be run by Kenneth Feinberg, a lawyer who oversaw compensation after the 9/11 attacks.
In his current role as Mr Obama's "pay tsar", Kenneth Feinberg sets salary limits for executives at firms in receipt of federal bailout funds.In his current role as Mr Obama's "pay tsar", Kenneth Feinberg sets salary limits for executives at firms in receipt of federal bailout funds.
BP's share price rose in US trading after an earlier slump as news of the funding deal emerged, the Associated Press reported. Mr Obama's appearance to announce the deal was delayed amid reports that officials were continuing to negotiate details of the deal with BP.
Reports said there would be no cap on the amount BP might be asked to contribute to the fund. The initial $20bn is roughly equivalent to one year of BP's annual profit, Reuters news agency reported.
Earlier, BP's chief executive, Briton Tony Hayward, and the boss of BP America, Lamar McKay, accompanied the company's chairman Carl-Henric Svanberg to the White House.
Managing director Robert Dudley and legal representatives also accompanied Mr Svanberg, reports say.
Share problems
The company has been accused of failing to follow proper procedures in the run-up to the explosion on the Deepwater Horizon rig on 20 April.The company has been accused of failing to follow proper procedures in the run-up to the explosion on the Deepwater Horizon rig on 20 April.
The blast led to the deaths of 11 people, caused the rig to sink and has since seen tens of millions of barrels of oil spew into the Gulf of Mexico. The blast led to the deaths of 11 people, caused the rig to sink and has since seen millions of barrels of oil spew into the Gulf of Mexico.
Much of that is now washing ashore in states along the Gulf coast.Much of that is now washing ashore in states along the Gulf coast.
The fallout is affecting businesses and wildlife, as well as wiping billions of dollars off BP's value.The fallout is affecting businesses and wildlife, as well as wiping billions of dollars off BP's value.
BP's share price rose in US trading after an earlier slump as news of the funding deal emerged, but dipped as the day wore on and more details emerged.
In its latest effort to contain the oil spewing into the Gulf of Mexico, BP announced on Wednesday morning that it had begun operating a second containment system designed to bring oil and gas to the surface for burning.In its latest effort to contain the oil spewing into the Gulf of Mexico, BP announced on Wednesday morning that it had begun operating a second containment system designed to bring oil and gas to the surface for burning.
BP managed to place a cap over the leaking oil pipe earlier this month, and is now collecting some of the oil.BP managed to place a cap over the leaking oil pipe earlier this month, and is now collecting some of the oil.
However, estimates of how much oil is gushing out of the well have again risen dramatically since the start of the crisis.However, estimates of how much oil is gushing out of the well have again risen dramatically since the start of the crisis.
A government panel of scientists now believes 35,000-60,000 barrels are leaking each day, up from its estimate last week of 20,000-40,000.A government panel of scientists now believes 35,000-60,000 barrels are leaking each day, up from its estimate last week of 20,000-40,000.
You can follow the testimony of BP chief executive Tony Hayward when he appears before a US Congress committee on the BBC News website on Thursday 17 June, from 1400GMT (1000 EST).You can follow the testimony of BP chief executive Tony Hayward when he appears before a US Congress committee on the BBC News website on Thursday 17 June, from 1400GMT (1000 EST).