"LONDON — Anadarko Petroleum Co. has agreed to pay $4 billion to BP PLC as part of a settlement related to last year's Gulf of Mexico oil spill."
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BP said Monday that Anadarko's payment will form part of the British company's $20 billion trust fund, which has paid out $7 billion so far to settle claims from individuals and businesses. Eleven workers were killed when the Deepwater Horizon rig exploded off Louisiana on April 20, 2010.
Anadarko held a 25 percent share in the Macondo well which blew out in April last year, causing the largest oil spill in U.S. history. Anadarko, based in The Woodlands, Texas, is also handing over its stake in the well to BP as part of the settlement.
The agreement also gives Anadarko a potential share in funds which BP recovers from third parties or insurance. If BP's total recovery exceeds $1.5 billion, Anadarko would get 12.5 percent of the excess, or up to $1 billion, BP said."
The Associated Press had the story October 17, 2011.
SEE ALSO:
"Exclusive: BP To Risk Worst Ever Oil Spill in Shetlands Drilling" (Independent)
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