BP Settlement: Anadarko Agrees to Pay BP $4 Billion

British energy company BP said Monday it reached a deal with Anadarko Petroleum Co. to settle claims related to last year’s deadly explosion and oil spill in the Gulf of Mexico.

Anadarko, one of BP’s minority partners in the Macondo well, will pay $4bn to settle all claims between the two companies.

Although BP said the agreement was “not an admission of liability from either party,” the payment will form part of London-based company’s $20bn compensation trust fund, set up to compensate victims and help pay for the clean-up after the fatal fire that killed 11 people and fouled the Louisiana coastline and other parts of the Gulf with oil, damaging the environment and economy.

In addition to the payout, Texas-based Anadarko also agreed to hand over its 25% stake in the Macondo well and drop its gross negligence claims against BP.

Following finalizing the agreement, Bob Dudley, BP group chief executive, called on Transocean, the rig operator, and Halliburton, the cement contractor, to follow the lead of the other well owners and reach a settlement.

“This settlement represents a positive resolution of a significant uncertainty and it resolves the issues among all the leaseholders of the Macondo well,” Dudley said. “There is clear progress with parties stepping forward to meet their obligations and help fund the economic and environmental restoration of the Gulf. It’s time for the contractors, including Transocean and Halliburton, to do the same.”

via Chicago Tribune
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