A settlement between Anadarko Petroleum, the Texas-based independent oil and natural gas producer that held a 25% non-operating interest in the ill-fated Macondo well project, and BP, the project's primary operator, is not imminent, Reuters reported, citing sources with knowledge of the matter. Shares of BP had gotten a lift on the speculation and closed higher by nearly 2% in the U.S.
Following the Gulf of Mexico oil spill in April 2010, BP (BP), Europe's second-largest oil company, saddled Anadarko with a $1 billion for cleanup expenses. Anadarko has refused to pay that bill, saying blame for the largest oil spill in U.S. history lies squarely at BP's doorstep.
Last week, a federal judge ruled that Anadarko (APC) must first pursue arbitration with BP before turning to litigation as stipulated in the contract between the two companies. BP alleges that Anadarko has consistently tried to dodge its financial liabilities related to the spill.
While Anadarko believes it has a strong legal case against BP, in May, Anadarko CEO Jim Hackett said his company would come to the negotiating table with BP under the right circumstances. One source quoted by Reuters said a settlement between the two companies is still a long way off.