BP, which is already on the hook for billions of dollars overthe Deepwater Horizon oil spill, will pay spill victims even morethan it was expecting, according to the company's annualreport.

Last year, BP agreed to a settlement with individuals andbusinesses that had suffered either medical or economic damages asa consequence of the spill. BP initially estimated that thesettlement would cost $7.8 billion, but it later revised thatamount to $8.5 billion.

The total will likely grow again, the company now says, becausethe claims that are being paid out are higher and more numerousthan anticipated. A New Orleans court approved the payoutadministrator's interpretation of the settlement on March 5, but BPsays that it will appeal the ruling.

BP has already spent more than $24 billion for claims andcleanup costs, the Wall Street Journal reports. It is alsocurrently involved in a civil trial over its role in the 2010spill, which could result in fines of up to $17.6 billion.