Product Liability & Toxics Law News

BP to Receive $4 Billion From Anadarko,
Provide Indemnification on Spill Damages

Oct. 18, 2011, 4:00 AM

Anadarko Petroleum Corp. agreed Oct. 17 to pay $4 billion to BP Plc to settle claims against each other over the Deepwater Horizon blowout and oil spill in the Gulf of Mexico.

Anadarko also will transfer to BP its 25 percent interest in Mississippi Canyon block 252, the leased block on the Outer Continental Shelf where BP was drilling the Macondo well April 20, 2010, when a blowout killed 11 workers and started the worst offshore oil spill in U.S. history.

BP will fully indemnify Anadarko for damage claims arising under the Oil Pollution Act, claims for natural resource damages...

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