London (Reuters) - BP (BP).(L) (BP.)(N) struck a key victory in its fight to share the cost of the Mexico Gulf oil slick, when partner Mitsui & Co agreed Friday to pay $ 1.1 billion to the Bill for cleaning andpossibly billions more fines.
Japanese trading house Mitsui unit of exploration (8031.T) MOEX belonging to 10 percent of the Macondo well but had sought to avoid paying his share of the costs, claiming BP was negligent and MOEX should be exempted from this obligation.
The regulation is probably the first of a series of settlements between BP and its partners prior to the date of the trial in February 2012 to hundreds of lawsuits related to the spill, said David a. Logan, Dean of Roger Williams University School of Law at BristolRhode Island.
"It is a signal that the parties are very unlikely this let them play through to the trial", has said Williams, who has been closely following dispute on BP. "Business leaders want predictability, and the dispute is uncontrollable and unpredictable."
Byron Stier, Professor of litigation from mass tort Southwestern Law School in Los Angeles, said that the MOEX deal could be a precursor to a settlement with Anadarko Petroleum Corp. (APC).(N), also a part owner of the rupture of a property, but with the other defendants not necessarily.
"BP is always criticize Transocean and take a stand against them," said Stier. "That suggest that BP may be more disputes directed (with Transocean), rather than see them as one big happy family.".
Shares of BP closed 2.7% higher in London, against a rise of 0.5% in the index, STOXX Europe 600 oil and gas (.)(SXEP).
Shares of Anadarko completed up to 4.1% to $74,58 to the New York Stock Exchange. Analysts said that regulation Mitsui had removed some uncertainty as to the liability of the Anadarko.
SOCIETE Generale analyst Irene Himona, stated that the Mitsui regulations shows that a partner BP has agreed to share the responsibility and the costs of the explosion of platform oil April 2010.
"It is very important because clearly now, this means that BP may try and ensure that everyone involved will also meet their obligations,"said."".
BP has estimated the cost of recovery of the well, clean up the damage caused by the largest oil spill ever off the coasts of America and to compensate those affected will be more than 41 billion dollars, including what analysts estimate will be approximately $ 4 billion to 5 billion in fines.
Payment of the Mitsui covers its contribution to the well, cleaning of oil recovery fees and compensate those affected. Therefore, the Japanese company is paying less than one third of its potential liability for these items.
On this basis, Anadarko could be held responsible for almost $ 2.7 billion, against these elements of the total cost, based on its share of 25 percent of the wells. It is less than some investors expected.
"Anadarko has been more vocal recently on the potential of a regulation and we believe BP-Mitsui today news more increases the probability of this result,"analysts at base of Houston investment Simmons & Co has said in a note to clients of the Bank. "
Anadarko Chief Executive Jim Hackett said earlier this month that he would be willing to come to the table to establish "in the right circumstances."
Anadarko spokesman John Christiansen, said Friday: "see us willingness of BP to reach settlement with MOEX as a positive step."
BP said in a statement by email Anadarko as MOEX, signed the as a "responsible party" under the Oil Pollution Act.
"Unlike MOEX, however, Anadarko continues to avoid its responsibilities, refusing to pay for any damage, cleaning or restoration."
The statement added that BP had billed Anadarko, more than 5 billion to date. "We expect Anadarko to pay its share of the costs of the accident and the spill," he said.
MOEX remains on the hook for his part of the fines, penalties or punitive damages, from the project. In a worst case, these could double BP $ 41 billion estimate and MOEX would probably have to pay 10% of them.
MOEX has now joined BP in blaming the accident mainly on Transocean (RIGN.)(VX) (RIG.)(N), the company that BP hired to drill wells, under instruction of BP. BP sought to retrieve the full cost of the disaster of the driller Switzerland-based.
Contract with BP Transocean he indemnifies against environmental damage but if BP can prove gross negligence or that the Horizon water deep drilling was unseaworthy, it could reverse this allowance.
Transocean said the Deepwater Horizon rig is in good working condition and had passed several inspections before Government operating in the Gulf.
"As the owner and operator of the Macondo well, BP has clear financial incentives to assign blame to other parties, but its public posturing is not supported by the whole of the evidence," Transocean said in a news release by e-mail.
"Government investigations have correctly concluded that the incident of Macondo was caused by a failure of the cement into the well."
A commission appointed by President Barack Obama to investigate the explosion of the rig concluded that BP and its contractors, Transocean and cement specialist Halliburton (HAL).(N), all had errors but adds that BP is responsible for more errors than others.
Mitsui said it had no plan to change its forecast of net profit or dividend in 2011/2012 after the settlement.
On Thursday, lawyers for shareholders continues BP for losses related to the spill has proposed that the first trial is possible by mid-2012 in a Federal Court in Houston. These prosecutions are distinct from the deadly economic loss and personal injury trial before the Federal Court in New Orleans.
(Other reports by Moira Herbst in New York, Anna Driver in Houston and Sarah Young in London.) (Editing by Sophie Walker and Matthew Lewis)
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