BP Reaches $1.1B Settlement With Moex

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BP, Europe's second-largest oil company, will get some help for costs related to the cleanup of the Gulf of Mexico oil spill after Moex Offshore, the unit of Mitsui, the company that owned a 10% non-operating interest in the Macondo well project, agreed to pay BP $1.1 billion for its share of the cleanup tab.

Moex previously appeared unwilling to pay BP (BP) for its interest in the ill-fated Macondo well and the settlement excludes punitive damages and criminal and civil penalties under the clean water act, the Financial Times reported.

While the settlement is being viewed as a victory for BP by some analysts, shares of Anadarko Petroleum (APC), which held a 25% non-operating stake in Macondo, jumped over 4% on Friday on news of the Moex settlement as investors speculated Anadarko might be able to settle with BP for far less than previously expected.

Anadarko has recently said it would consider coming to the table to discuss a settlement with BP as long as other contractors involved in the project also settled. Texas-based Anadarko, like Moex, had previously appeared unwilling to pay any liabilities related to the spill and primarily blamed BP for the accident.

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