Independent administrator for Gulf oil spill claims

Feinburg to independently oversee payouts of BP compensation funds to Gulf Coast residents

Oil giant BP has set up a £12.9bn fund to compensate victims of the Gulf of Mexico oil spill, which will be used to reimburse the residents of the region who were financially and personally affected by the oil spill which occurred on 20 April.

Residents can make claims for loss of wages or profits, personal injuries or clean-up costs.

Independent administrator Kenneth Feinberg will oversee the newly set up Gulf Coast Claims Facility (GCCF) taking over control of the compensation fund.

He has been travelling along the US's Mississippi coast since his appointment to meet with victims of the spill, explaining the process and urging them to file claims.

Feinberg has promised quick action and claims that the payouts would be larger than those from court settlements. But to receive them, claimants would have to give up their rights to sue BP.

The oil spill occurred due to the explosion of the Deepwater Horizon drilling rig leased by BP. Since then the company has already paid $368m in claims.