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BP, Mitsui reach $1 billion settlement for oil spill

05/30/2011
Paula DittrickSenior Staff WriterBP PLC agreed to settle all claims with MOEX Offshore 2007 LLC and its affiliates, Mitsui Oil Exploration Co. Ltd. and MOEX USA Corp., regarding the Deepwater Horizon semisubmersible drilling rig accident and oil spill following the Macondo well blowout last year.MOEX agreed to pay $1.065 billion to BP, which said it will apply the payment to the $20 billion trust it established to meet individual, business, and government claims. BP operated the deepwater Macondo well, and MOEX had 10% interest. Anadarko Petroleum Corp. held 25% interest in Macondo.The settlement agreement cited findings by the US Presidential Commission that the accident was the result o...
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