BP on Tuesday said the amount it will pay for the 2010 Deepwater Horizon oil spill disaster will increase to $65 billion as it takes on a new $1.7bn charge, according to Bloomberg.
The British supermajor said $1bn of that new amount will be paid this year with the rest spread out over some years.
It comes as the thousands of lawsuits related to the spill begin to wind down, the company said.
On April 20, 2010 the Deepwater Horizon rig in the Gulf of Mexico exploded with the loss of 11 people’s lives. The subsequent 87 days of uncapped oil flow amounted to the biggest oil disaster in US history.
BP faced more than 390,000 claims from coastal businesses for damages caused.