MOEX To Pay BP $1.1B Over Deepwater Horizon Spill

Law360, New York (May 20, 2011, 1:15 PM EDT) -- The parent of MOEX Offshore 2007 LLC, which owned a stake in the well at the center of the catastrophic Deepwater Horizon oil spill, has agreed to pay BP PLC nearly $1.1 billion for a release of claims over the disaster, BP said Friday.

BP said it would immediately apply that payment from MOEX USA Corp. to the $20 billion trust it created to address claims stemming from the Gulf of Mexico spill and the cost of natural resources damages. The agreement also includes MOEX's Tokyo-based parent, Mitsui Oil Exploration Co. Ltd.

In a statement, BP Group Chief Executive Bob Dudley...

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