BP to pay $25 million in settlement over Alaskan oil spill

BP has agreed to pay $25 million in civil penalties as part of a settlement with the Justice Department over the 2006 pipeline spill in Alaska’s Prudhoe Bay, Reuters reports.

From the story: “To address the oil spill in Alaska, the company has ‘started implementation and operation of some corrective measures, including replacement of the Prudhoe Bay oil transit lines, improved leak detection on the oil transit lines, and improved operation and maintenance of the Pipeline System,’ the proposed consent decree said.”

And: “BP's stock was down about 1 percent in both New York and London. The fine is small by oil industry standards at just $25 million.”

Officials with the Justice Department, Environmental Protection Agency and Transportation Department will hold a press call about the settlement Tuesday afternoon.