18 Oct 2011

$4b settlement for BP over Gulf of Mexico disaster

11:48 am on 18 October 2011

BP is to receive $US4 billion as part of a settlement with Anadarko Petroleum over last year's oil disaster in the Gulf of Mexico.

The money will go into a $US20 billion trust that BP has set up to meet claims against it.

An explosion and fire on the Deepwater Horizon drilling rig last year caused four million barrels of oil to leak into the Gulf. Eleven men were killed.

Anadarko owned 25% of the oil well. Both companies have agreed to drop all other claims against each other.

BP is still in dispute with other contractors, including Transocean and Halliburton, which were involved in drilling the Macondo oil well.