Make us your home page

BP agrees to $1 billion settlement with partner in oil spill

LONDON — MOEX USA Corp., one of BP's minority partners in the blown-out Macondo oil well, agreed to pay the British oil company $1.07 billion to settle all claims between the companies over the accident in the Gulf of Mexico last year.

BP said Friday that it would continue to pursue its other minority partner, Anadarko, the rig operator Transocean and cement contractor Halliburton to pay their share of billions of dollars in cleanup costs, oil spill damages and pollution fines.

BP chief executive Bob Dudley said the settlement with MOEX, which will be paid into the $20 billion trust BP has established to meet individual, business and government claims relating to last year's oil spill, was "an important step forward for BP and the gulf communities."

MOEX had a 10 percent interest in the Macondo well through a subsidiary. The agreement makes MOEX the first of BP's partners to agree to contribute to the cost of the disaster in the gulf.

BP agrees to $1 billion settlement with partner in oil spill 05/20/11 [Last modified: Friday, May 20, 2011 10:55pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Associated Press.

Join the discussion: Click to view comments, add yours