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BP could be fined another $18bn in fines after a US judge ruled that it had been reckless as well as negligent over the Deepwater Horizon blowout.
The oil giant had previously expressed confidence over the ruling, having already set aside to cover the costs of the oil spill.
The ruling shaved 5% off BP’s oil price, with more than $5bn wiped off the company’s value on the stock market.
In his ruling, US district judge, Carl Barbier said BP was 67% to blame for the incident, with US rig operator Trasocean 30% to blame.
Three per cent of the blame was apportioned to Halliburton.
BP said it will appeal the decision and hit out at the judge’s ruling.
“BP believes that the finding that it was grossly negligent with respect to the accident and that its activities at the Macondo well amounted to wilful misconduct is not supported by the evidence at trial,” it said.
“The law is clear that proving gross negligence is a very high bar that was not met in this case. BP believes that an impartial view of the record does not support the erroneous conclusion reached by the district court.”
