MOEX to pay as part of BP Oil Spill

MOEX to pay as part of BP Oil Spill
Friday, February 17, 2012 - 7:08pm

According to the Louisiana Attorney General's office, a minority partner in BP's blown-out well in the Gulf of Mexico agreed today to pay $90 million in a settlement with the federal government and Gulf Coast states over the 2010 oil spill. MOEX Offshore 2007 LLC owned a 10% interest in the Macondo well that blew out in April 2010, destroying the BP-leased rig Deepwater Horizon, killing 11 men and resulting in the nation's worst offshore oil spill. The agreement, filed in U.S. District Court in New Orleans, calls for MOEX to pay $45 million in civil penalties to the federal government and $25 million to the Gulf states affected by the spill. The company also agreed to pay $20 million for coastal protection projects. The Justice Department says the agreement is the largest civil penalty ever recovered under the Clean Water Act, enacted in 1972. MOEX is the first company involved in the disaster to settle with the federal government over the spill. The federal government also sued BP, rig owner Transocean Ltd. and another minority partner in the well, Anadarko Petroleum Corp. A federal trial in New Orleans designed to determine the causes of the blowout is scheduled to start Feb. 27.


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