BP May Settle Gulf of Mexico Violations from Massive Spill (BP, APC, RIG, HAL)

Now that the Japanese partner of BP plc (NYSE: BP), Mitsui & Co’s MOEX, settled claims against it for its portion of the Macondo well explosion that killed 11 people and dumped 5 million barrels of crude oil into the Gulf of Mexico, the door was opened for BP to seek a similar settlement. A report in the Washington Post cites an analyst who thinks BP could settle regulatory violation claims for around $585 million.

If that’s the case, the oil giant will have gotten off the hook for less than 20% of the cash BP has reserved to pay the federal government for its role in the disaster. The amount applies only to civil penalties, and does not include damages and possible criminal charges against BP.

Anadarko Petroleum Corp. (NYSE: APC), the other partner in the well, could settle its civil penalties for about $225 million. Anadarko agreed last year to pay $4 billion to BP to settle its part of damages claims related to the spill. Transocean Ltd. (NYSE: RIG) and Halliburton Co. (NYSE: HAL), subcontractors at the well site, have not yet agreed to any settlement with BP.