OIL SPILL $4 BILLION SETTLEMENT

17 Oct, 2011

BP and Anadarko agree settlement of $4 billion for oil spill

In light of the Gulf of Mexico oil spill, BP and Anadarko have agreed on a cleanup cost settlement which will see Andarko pay $4 billion to BP.

Anadarko, BP’s partner in the well which caused the spill, will cease allegations of gross negligence against BP, and by paying the agreed $4 billion, will save around half the amount it may have been forced to pay in court, reported Reuters.

According to BP, the total bill for the oil spill will be $42 billion. This includes government fines, of around $3.5 billion, reported Reuters.

The oil spill, which occurred over three months in 2010, was the largest accidental marine oil spill ever to affect the petroleum industry.

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