Oil liability to double to $250bn

Oil industry body UK Oil and Gas is proposing to more than double the maximum liability cover rigs need under the Offshore Pollution Liability Agreement (Opol) from $120m to $250m, the FT reports.

The rise, following the BP Deepwater Horizon oil spill, will be voted on at an emergency meeting on Wednesday.

“An insurance and indemnity review group is also assessing the options for future oil spill capping and containment mechanisms and reviewing the UK’s oil spill response capacity,” the FT said.