Thursday, October 27, 2011

BP Oil Spill Liability is Sorting Itself Out

The New York Times reports that British Petroleum's partner in the Deepwater well that exploded last year in the Gulf of Mexico, Anadarko Petroleum, had agreed to pay $4 billion to settle claims related to the oil spill. The explosion caused an oil spill which is is the second worst natural disaster in U.S. history, after the dust bowl.

The settlement ends a dispute between BP, which operated the well in the gulf, and Anadarko, which owned a 25 percent stake. BP, whose investigation concluded that the accident was the result of conduct involving several companies, continues to look for contributions from its contractors, Transocean, which operated the rig, and Halliburton, which was responsible for cement work.  The Deepwater Horizon situation will be one of the subjects covered by the ABA's Tort, Trial & Insurance Practice Section's Disaster Initiative program on disasters caused by negligence at the ABA mid-year meeting in New Orleans on February 3, 2012.  For more information about this program and the other TIPS Disaster Initiative programs, please visit the TIPS Disaster Initiative page by clicking here.

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