BP strikes £2.5bn deal with US partner over Gulf spill

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US explorer Anadarko Petroleum, which owned a quarter of the leaking Macondo oil well that exploded last April, also agreed to drop its allegations of gross negligence against BP and give up its stake in the site.

However, Anadarko has not paid in proportion to the $37.8 billion pre-tax charge that BP has set aside to pay for the disaster: with its 25% stake, that would have been over $9 billion. But it's a higher proportion than was paid by Moex Offshore, a subsidiary of Japan's Mitsui, which had a 10% interest in the well and paid BP $1.1 billion compensation for the disaster in May.

Today BP said Anadarko's $4 billion cash payment would be put into the $20 billion compensation trust that it's holding in escrow to pay damages to the US government, local fishermen, residents and other victims of the disaster. It has already paid out claims worth more than $7 billion.

"This settlement resolves the issues among all the leaseholders of the Macondo well," said Bob Dudley, BP chief executive.

He demanded Transocean, the rig operator, and Halliburton, whose cement was used to seal the well, follow suit.

"There is clear progress with parties stepping forward to meet their obligations. It's time for the contractors, including Transocean and Halliburton, to do the same."

As part of today's agreement, BP agreed to drop all its claims against Anadarko arising from the disaster, and provide it with 12.5% of any insurance claims that cumulatively exceed $1.5 billion, with the amount it can claim capped at $1 billion. Shares in BP jumped 22.3p to 438.7p.