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17 Oct 2011

Michael Stothard, Financial Times

BP agrees $4bn Anadarko settlement

Anadarko...the part-owner of the oil well at the centre of the Gulf of Mexico spill, has agreed to pay BP $4bn to settle all claims relating to the accident last year, which led to the death of 11 workers...The out of court settlement marks the end of a long-running dispute between the companies over responsibility for the blow-out at the Macondo well. As part of the settlement, US-based Anadarko will drop its allegations of gross negligence against BP...Earlier this year, BP announced a $1bn settlement with Moex Offshore, a subsidiary of Japan’s Mitsui...“This settlement represents a positive resolution of a significant uncertainty and it resolves the issues among all the leaseholders of the Macondo well,” said Bob Dudley, BP chief executive...“This settlement agreement with BP is the right action for our stakeholders, as it removes significant uncertainty regarding future liabilities and associated risks,” said Jim Hackett, Anadarko chief executive. [also refers to Transocean, Halliburton]