BP's Gulf oil win as partner pays $1.1bn

OIL major BP yesterday clawed back $1.1 billion (£677 million) from one of its partners on the Deepwater Horizon rig to cover claims related to the Gulf of Mexico disaster.

MOEX Offshore, a US subsidiary of Japan's Mitsui Oil Exploration Company, had a 10 per cent interest in the Macondo well at the site of the explosion that killed 11 men and triggered the largest oil spill in US history.

BP said MOEX was the first of its partners to pay towards claims arising from the accident and it is working to ensure other parties involved - singling out Transocean, Halliburton and Anadarko - contribute appropriately.

BP said the settlement would be immediately paid into the $20bn trust set up to meet compensation claims. The oil spill on 20 April, 2010, has cost BP $40.9bn to date.