BP has settled with US partner Anadarko Petroleum Company for $4 billion (£2.5bn) over last year’s Deepwater Horizon disaster in the Gulf of Mexico. Both companies have agreed to drop all legal claims against each other and the money will be put toward the $20 billion trust for compensation claims.
BP will drop its claims against Anadarko for approximately $6.1 billion of outstanding invoices which includes damage claims arising under the Oil Pollution Act. However, BP stated that the settlement was not an admission of liability.
Anadarko had a 25% stake in the Macondo prospect, but have since returned the entire amount back to the British Company. According to BP, Anadarko has the opportunity for a 12.5% holding in future recoveries.
Bob Dudley, BP group chief executive 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.”
BP has to date paid out more than $7 billion.