Deepwater Horizon Oil Spill Involvement
Anadarko had 25 percent working interest in the Macondo Prospect, which was operated by BP and its finances were affected by the Deepwater Horizon oil spill.
BP has billed Anadarko more than $272 million for its share of cleanup and response costs in the Gulf, according to a bill that was sent by BP and obtained by TPMMuckraker. Anadarko publicly suggested that it will not pay for costs associated with the oil disaster, claiming in a statement that BP was guilty of gross negligence or willful misconduct. Under the joint operating agreement, Anadarko must pay its portion of costs related to any incident—unless that incident was caused by its partner's gross negligence or willful misconduct.
In what was seen as possibly a precursor to Anadarko's own course, in May 2011 MOEX Offshore agreed to pay US$1.07 billion to settle BP claims against it over the accident. MOEX owned a 10% stake in the well through a subsidiary and in turn itself was majority-owned by Mitsui & Co. Some analysts had thought BP would realize a larger settlement from MOEX but there was also relief to have a first step toward resolving the multiple claims. In October, 2011, Anadarko did in fact follow MOEX and agreed to settle with BP for $4 billion. BP agreed to "forgo reimbursement for future costs related to the incident and will indemnify Anadarko for damage claims arising under the U.S. Oil Pollution Act, among other costs. And Anadarko will transfer its 25% stake in Mississippi Canyon Block 252 (Macondo) to BP."
Read more about this topic: Anadarko Petroleum Corporation
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