British energy company BP said Monday it reached a deal with Anadarko Petroleum Co. to settle claims related to last year's Deepwater Horizon oil spill.
BP said Anadarko would hand over $4 billion in a single cash payment, which would be applied to the $20 billion trust fund set up to resolve disputes from 2010's spill in the Gulf of Mexico. Anadarko also gives up its 25 percent stake in the Macondo prospect.
A well at Macondo failed, causing an explosion that sunk the Deepwater Horizon oil rig in April 2010, leading to one of the worst oil spills in history.
BP Chief Executive Officer Bob Dudley said the settlement was a positive step in meeting obligations stemming from the Deepwater Horizon accident.
"There is clear progress with parties stepping forward to meet their obligations and help fund the economic and environmental restoration of the gulf," he said. "It's time for the contractors, including Transocean and Halliburton, to do the same."
BP, Transocean and Halliburton have blamed each other for the series of failures that led to the spill.
In June, BP announced that oilfield service company Weatherford agreed to pay $75 million to settle claims tied to last year's oil spill. Weatherford built the float collar used on the Macondo well. The collar was used to contain cement at the bottom of the well.
It wasn't immediately clear what role Anadarko had in the gulf.
"This settlement agreement with BP is the right action for our stakeholders, as it removes significant uncertainty regarding future liabilities and associated risks," Anadarko Chairman and CEO Jim Hackett said in a statement.
Source: UPI