Anadarko to pay BP $4bn to settle all claims over Gulf oil spill

17 October 2011 08:49  [Source: ICIS news]

SINGAPORE (ICIS)--Anadarko Petroleum Company will pay BP $4bn (€2.88bn) to settle all claims over the Deepwater Horizon oil spill accident in the Gulf of Mexico last year, the UK-based oil major said on Monday.

Anadarko, which had a 25% interest in the Macondo oil well, and BP have “concluded that entering into a settlement is in the best interest of the parties to resolve pending disputes”, BP said in a statement.

Under the settlement agreement, both companies have agreed to drop all other claims against each other, the statement said.

In addition, Anadarko will transfer all of its 25% interest in the Macondo well lease to BP, the statement added.

The $4bn from Anadarko will go into a $20bn trust that BP set up following the accident to meet claims against the oil firm as a result of the oil spill, the statement said.

“This settlement [with Anadarko] represents a positive resolution of a significant uncertainty and resolves the issues among all the leaseholders of the Macondo well,” said BP’s group chief executive, Bob Dudley.

“There is clear progress with parties stepping forward to meet their obligations and help fund the economic and environmental restoration of the Gulf [of Mexico],” Dudley said.

“It is time for the contractors, including Transocean and Halliburton, to do the same,” Dudley added.

BP is still in dispute with US-based firms Transocean and Halliburton, who were involved in drilling the Macondo well.

According to BP, it previously announced settlements with MOEX Offshore 2007, a unit of Japanese trading firm Mitsui & Co, which had a 10% interest in the Macondo well, and US firm Weatherford, which provided the drilling equipment.

($1 = €0.72)

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By: Nurluqman Suratman



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