BP escrow account

Gulf Oil Spill Fund to Speed Up Payments to Victims

The $20 billion fund established to compensate victims of BP's Gulf oil spill has been criticized for processing claims too slowly. Kenneth Feinberg responded to those accusations Saturday, and said was implementing changes to make payments more quickly, and more generous.

BP May Be Preparing More Asset Sales

Several media have reported that BP will increase its target for asset sales to as high as $40 billion. This almost certainly mean disposing of its aging oil field holdings in Prudhoe Bay, Alaska, which may be worth as much as $20 billion.

BP Puts First $3 Billion Into Gulf Escrow Fund

BP made the first installment earlier than scheduled, and it will make an additional $2 billion deposit in the fourth quarter. Thereafter, it add $1.25 billion to the fund per quarter until the total reaches $20 billion.