Deepwater Horizon Oil Spill Trust Deepwater Horizon Oil Spill Trust The "Deepwater Horizon" Oil Spill Trust is the $20 billion trust fund established by BP to settle claims arising from the "Deepwater Horizon" oil spill. The fund was established to be used for natural resource damages, state and local response costs and individual compensation. It was established as Gulf Coast Claims Facility (GCCF), announced on 16 June 2010 after meeting of BP executives with U.S. President Barack Obama. In June 2012, the settlement of claims through the GCCF was replaced by the court supervised settlement program. After the "Deepwater Horizon" oil spill started, BP promised
Volume and extent of the Deepwater Horizon oil spill collected before it could enter the Gulf waters. In its permit to drill the well, BP estimated the worst-case flow at . Immediately after the explosion the USCG did not estimate any oil leaking from the sunken rig or from the well. On 24 April, USCG Rear Admiral Mary Landry announced that a damaged wellhead was indeed leaking. She stated that "the leak was a new discovery but could have begun when the offshore platform sank . . . two days after the initial explosion." Initial estimates by USCG and BP officials, based on remotely operated vehicles as well as