BP Announces Settlement with Anadarko Petroleum Company of Claims Related to Deepwater Horizon Accident
BP today announced that it has reached agreement with Anadarko Petroleum Company (“Anadarko”) to settle all claims between the companies related to the Deepwater Horizon accident. Anadarko had a 25 per cent interest in the MC252 (Macondo) prospect.
They both concluded that entering into a settlement is in the best interest of the parties to resolve pending disputes. The agreement is not an admission of liability by any party regarding the accident.
Under the settlement agreement, Anadarko will pay BP $4 billion in a single cash payment. BP will apply the payment to the $20 billion trust it established that is available to meet individual, business and government claims, as well as the cost of the natural resource damages. Anadarko will also transfer all of its 25 per cent interest in the MC252 lease to BP.
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Mon Oct 24, 2011 11:24 pm