Andarko Petroleum Corp. will pay BP PLC $4 billion to settle any claims BP may have against Andarko related to liability for last year’s Gulf of Mexico oil spill. Andarko owned a 25 percent interest in the Macondo well. BP owned a 65 percent stake in the well and as all should know led the drilling operation. MOEX, an arm of Mitsui & Co., owned a 10 percent stake in the well. You may recall that in May, MOEX agreed to pay $1.065 billion to settle any claims.
In addition to the $4 billion lump sum payment, Anadarko will transfer all of its 25 per cent interest in the well to BP and stop its pursuit of allegations of gross negligence with respect to BP. Anadarko also has the opportunity to recover up to $1 billion through a share of any money BP can recover from third parties or insurance proceeds. While much of it has traveled under the national media’s radar screen, BP has been busy collecting from some of its partners in the Macondo well, including $1.065 billion from MOEX Offshore 2010, plus $75 million from Weatherford International.
Source: Associated Press
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