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Anadarko agrees to pay $4.0 billion to BP

October 17/2011

(Arabian oil and gas) -- Anadarko Petroleum Corporation has announced an agreement with BP to settle all of BP's current and future claims against Anadarko associated with the Deepwater Horizon event. Under the terms of the settlement agreement, Anadarko agrees to pay $4.0 billion to BP, and both parties have agreed to mutually release claims against each other. As part of this agreement, BP will release its claims against Anadarko for approximately $6.1 billion of outstanding invoices received to date, as well as to forego reimbursement for any future costs related to the event.


In addition, BP will fully indemnify Anadarko for damage claims arising under the Oil Pollution Act, claims for natural resource damages and associated damage-assessment costs, and any claims arising under the relevant Joint Operating Agreement. Anadarko also will transfer its 25-percent interest in Mississippi Canyon block 252 (Macondo) to BP.


According to its public filings, BP has recorded a charge in excess of $40 billion for total estimated costs associated with the event.


To date, BP has invoiced Anadarko an aggregate of $6.1 billion for what BP considers to be Anadarko's 25-percent proportionate share of BP's actual and near-term costs.


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