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October 17, 2011

$4 Billion Settlement: Anadarko settles with BP over gulf oil spill

Anadarko Petroleum Co., a U.S. energy firm owning 25 percent of British Petroleum (BP), has agreed to pay BP $4 billion to settle all claims between the two oil giants involving the Deepwater oil spill.

This settlement marks the end of a disagreement between BP and Anadarko over accepting liability for the Gulf oil spill and compensating those affected by the spill's damage. According to BP, the settlement is not a complete admission of fault by either party as the investigation concluded that the disaster was the consequence of numerous mistakes involving multiple entities.

BP intends to invest the settlement funds in the trust that was set up to pay damages for claims submitted by businesses and residents harmed as a result of the spill.

Although Motley Rice lawyers did not represent either party in the Anadarko settlement, our oil spill lawyers represent numerous victims who have suffered as a result of the BP oil spill. Additionally, we are assisting individuals and businesses with filing and negotiating their Gulf Coast Claims Facility applications.

Read the full article on the $4 billion Anadarko settlement in The New York Times.

Read more about the BP oil spill and how Motley Rice oil spill lawyers are fighting on behalf of individuals and businesses suffering as a result of the spill damage.