BP partner pays toward spill claims

BP today clawed back 1.1 billion US dollars (£677 million) from one of its partners on the Deepwater Horizon rig to cover claims related to the Gulf of Mexico oil disaster.

MOEX Offshore, a US subsidiary of Japan's Mitsui Oil Exploration Company, had a 10% interest in the Macondo well at the site of the explosion which killed 11 men and triggered the largest oil spill in US history.



BP said MOEX is the first of its partners to pay towards claims arising from the accident and is working to ensure other parties involved - singling out Transocean, Halliburton and Anadarko - contribute appropriately.



BP, which was chasing MOEX for up to 2.1 billion US dollars (£1.2bn), said the settlement would be immediately paid into the 20bn US dollar (£12.3bn) trust set up to meet compensation claims.









The oil spill on April 20 last year has cost BP 40.9 billion US dollars (£25.5 billion) to date - pushing it to its first annual loss in 20 years in 2010.



The company has paid nearly 6 billion US dollars (£3.7 billion) in claims to individuals, businesses and the US Government, ranging from states, parishes and counties to Indian tribes.



BP said MOEX had recognised findings of the investigation commissioned by President Barack Obama that the incident was down to "separate risk factors, oversights and outright mistakes by multiple parties".



But the British supermajor added the settlement is not an admission of liability by any party regarding the disaster.



Chief executive Bob Dudley said: "This settlement is an important step forward for BP and the Gulf communities.



"MOEX is the first company to join BP in helping to meet our shared responsibilities in the Gulf, and Mitsui, through MOEX USA Corporation, is showing great corporate citizenship in standing behind its affiliate and making a contribution to meet the costs of this tragic accident.



"We call on the other parties involved in the Macondo well to follow the lead of the MOEX and Mitsui parties."



BP has sold 25 billion US dollars (£15 billion) worth of its assets to raise funds to contribute to the disaster and plans to sell further oil and gas fields in the UK and two of its US refineries - Texas City and Carson.



But the company pledged to pursue its other partners for the part they played in the disaster.



Transocean, which owned and operated the Deepwater Horizon rig, Halliburton, which designed and pumped the cement at the base of the well and Anadarko, which owned 25% of the project, are all in BP's sights.

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
ebooks
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Selby Jennings: VP/SVP Credit Quant- NY- Investment Bank

Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...

Selby Jennings: Quantitative Research | Equity | New York

Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...

Selby Jennings: SVP Model Validation

Not specified: Selby Jennings: SVP Model Validation This top tiered investment...

Selby Jennings: Oil Operations

Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...

Day In a Page

Aren’t you glad you didn’t say that? The worst wince-and-look-away quotes of the year

Aren’t you glad you didn’t say that?

The worst wince-and-look-away quotes of the year
Hollande's vanity project is on a high-speed track to the middle of nowhere

Vanity project on a high-speed track to nowhere

France’s TGV network has become mired in controversy
Sports Quiz of the Year

Sports Quiz of the Year

So, how closely were you paying attention during 2014?
Alexander Armstrong on insulting Mary Berry, his love of 'Bargain Hunt', and life as a llama farmer

Alexander Armstrong on insulting Mary Berry and his love of 'Bargain Hunt'

From Armstrong and Miller to Pointless
Sanchez helps Gunners hold on after Giroud's moment of madness

Sanchez helps Gunners hold on

Olivier Giroud's moment of madness nearly costs them
A Christmas without hope: Fears grow in Gaza that the conflict with Israel will soon reignite

Christmas without hope

Gaza fears grow that conflict with Israel will soon reignite
After 150 years, you can finally visit the grisliest museum in the country

The 'Black Museum'

After 150 years, you can finally visit Britain's grisliest museum
No ho-ho-hos with Nick Frost's badass Santa

No ho-ho-hos with Nick Frost's badass Santa

Doctor Who Christmas Special TV review
Chilly Christmas: Swimmers take festive dip for charity

Chilly Christmas

Swimmers dive into freezing British waters for charity
Veterans' hostel 'overwhelmed by kindness' for festive dinner

Homeless Veterans appeal

In 2010, Sgt Gary Jamieson stepped on an IED in Afghanistan and lost his legs and an arm. He reveals what, and who, helped him to make a remarkable recovery
Isis in Iraq: Yazidi girls killing themselves to escape rape and imprisonment by militants

'Jilan killed herself in the bathroom. She cut her wrists and hanged herself'

Yazidi girls killing themselves to escape rape and imprisonment
Ed Balls interview: 'If I think about the deficit when I'm playing the piano, it all goes wrong'

Ed Balls interview

'If I think about the deficit when I'm playing the piano, it all goes wrong'
He's behind you, dude!

US stars in UK panto

From David Hasselhoff to Jerry Hall
Grace Dent's Christmas Quiz: What are you – a festive curmudgeon or top of the tree?

Grace Dent's Christmas Quiz

What are you – a festive curmudgeon or top of the tree?
Nasa planning to build cloud cities in airships above Venus

Nasa planning to build cloud cities in airships above Venus

Planet’s surface is inhospitable to humans but 30 miles above it is almost perfect