Money | British Petroleum BP Reaches $7.8B Settlement in Gulf Oil Spill Deal does not include biggest plaintiff of all: US government By Mark Russell Posted Mar 3, 2012 5:46 AM CST Copied In this April 21, 2010, file photo provided by the U.S. Coast Guard, fire boat response crews spray water on the blazing remnants of BP's Deepwater Horizon offshore oil rig. (AP Photo/US Coast Guard, File) BP has agreed to pay about $7.8 billion to thousands of individuals and businesses around the Gulf of Mexico in economic and medical compensation for the massive 2010 oil spill, reports the Washington Post. About $2.3 billion will go to compensation to the seafood industry alone. BP also agreed to pay for medical consultations for people with health-related claims for the next 21 years, along with $105 million for improving health care around the region. A trial scheduled to begin Monday has been adjourned for now. The deal, however, does not include the federal or state governments, whose claims are much larger. Earlier estimates have BP facing up to $51 billion in fines and compensation for the spill. So far, the company says it has already paid more than $22 billion—$14 billion in clean-up costs and $8.1 billion in compensation. The $7.8 billion is only an estimate, and lawyers for the plaintiffs said BP had agreed to pay all legitimate claims. “The settlement is to be fully funded by BP, with no cap on the amount BP will pay,” said a representative for the plaintiffs. Read These Next Rubio says the fate of Iran's conversion facility is what matters. Her blood isn't compatible with anyone else's. Some of the most explosive Diddy allegations are dropped. Fan who taunted Ketel Marte's mom has been banned by MLB. Report an error