Full Compensation Expected By 2027 As The IOPC Fund Begins Gulfstream Spill Payouts
September 23, 2025- The International Oil Pollution Compensation (IOPC) Fund has announced that an estimated £4.2 million (TT $38 million) will be paid out for the Gulfstream oil spill off Tobago, with compensation already underway and expected to continue until 2027.
According to a report issued ahead of the IOPC’s November meeting in London, a special Gulfstream Major Claims Fund raised £10 million, though only £1 million had been disbursed as of June 30, 2025. An additional £21.5 million in payments is projected between July 2025 and March 2027.
On September 12, the IOPC confirmed that Claims Manager Mark Homan visited Trinidad and Tobago to meet with officials and assess affected areas. Discussions also focused on the sale of recovered oil and the disposal of cleanup waste, which is still stored in pits at the Studley Park dump with no set removal timeline.
The Gulfstream overturned off Cove on February 7, 2024, spilling thousands of barrels of bunker fuel. Meanwhile, the tug Solo Creed, once detained in Angola, remains missing despite satellite tracking attempts.
