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
Ixtoc I oil spill Ixtoc I oil spill Ixtoc I was an exploratory oil well being drilled by the semi-submersible drilling rig "Sedco 135" in the Bay of Campeche of the Gulf of Mexico, about northwest of Ciudad del Carmen, Campeche in waters deep. On 3 June 1979, the well suffered a blowout resulting in one of the largest oil spills in history. Mexico's state-owned oil company Pemex (Petróleos Mexicanos) was drilling a deep oil well when the drilling rig "Sedco 135" lost drilling mud circulation. In modern rotary drilling, mud is circulated down the drill pipe and back up the well bore to