Anadarko has limited oil cover

BP’s 25% partner Anadarko Petroleum has insurance coverage of about $177.5m and deductibles of about $15m on a claim that could be as high as $7.8bn, Bloomberg reports.

BP said May 10 that it had spent $350m on the clean-up.

Insurance may cover Anadarko for two or three months, said John Lutz, an analyst at Frost Investment Advisors in San Antonio. “Above and beyond that, they’re on the hook, and I think it’s safe to assume it’s going to be considerably higher than that,” Lutz said.

Negligence?

Anadarko may not be responsible for a 25 percent share of all costs iif negligence by other companies caused the blast.

Anadarko shares have dropped 23% in New York trading since the Deepwater Horizon rig blast. BP has fallen 17%. Japan’s Mitsui, which has a 10% stake, is down 11%.