Posted on 07/09/2010 3:54:10 PM PDT by Willie Green
HOUSTON July 9 (Reuters) - Anadarko Petroleum Corp (APC.N: Quote), which owns 25 percent of the ruptured well in the Gulf of Mexico, has told BP Plc (BP.L: Quote)(BP.N: Quote) that, for now, it will not pay a $272 million bill from the British oil company to cover clean-up costs.
The two oil companies are in a dispute: On June 18, Anadarko said the accident, which killed 11 people and caused the worst environmental disaster in U.S. history, "was preventable and the direct result of BP's reckless decisions and action."
In an email sent on Friday, Anadarko spokesman John Christiansen said: "Although we have notified BP that we are withholding reimbursement to BP at this time, we remain committed to working with BP in good faith to achieve a satisfactory resolution."
BP is seeking to have Anadarko pay part of the clean-up costs required under the U.S. Oil Pollution Act. However, Anadarko has said BP may have engaged in conduct that will release them from liability.
Last month, Anadarko Chief Executive Officer James Hackett told Reuters the company is considering "contractual remedies" in the dispute.
BP, which has a 65 percent stake in the well and was its operator, also billed the oil and gas arm of Mitsui & Co Ltd (8031.T: Quote) for $112 million in clean-up costs. Mitsui has a 10 percent stake in the well.
(Excerpt) Read more at af.reuters.com ...
Yep. I thought this would happen. Expect BP to just quietly accept this. They will not sue for payment. They do not want the entire history of their incompetence to be documented in court.
I’ve read that the joint operating agreements have been honed over decades of these people screwing each other to the point that it’s all in there, and Real Stupid Decisions by the principle operator exempt the partners from liability.
A lot of money had gone to oil well heaven long before they arrived at the ‘Really Stoopid Decisions’ clause.
Bully for Anadarko.
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