Louisiana Treasurer:BP Partners Should Contribute To Spill Escrow

Louisiana state treasurer John Neely Kennedy on Thursday called for Anadarko Petroleum Corp. (APC) and Mitsui Oil Exploration to contribute the Gulf spill escrow fund, a $20 billion account BP Plc (BP, BP.LN) agreed to set up last week. The fund will cover costs and damages stemming from the worst oil spill to hit U.S. waters. Anadarko owns a 25% stake in the well, where the Houston-based energy subsidiary of Japan's Mitsui Co. (MITSY, 8031.TO) holds 10% interest in the Macondo field. BP is the well operator and has a 65% stake. Kennedy said Anadarko and Mitsui share in the reward and risk associated with the well and should contribute to the escrow fund. "This will also help safeguard Lousiana's interests and hedge our bets against a possible BP bankruptcy," Kennedy said. -Catherine M. Carlock; 415-439-6400; AskNewswires@dowjones.com Order free Annual Report for Anadarko Petroleum Visit http://djnewswires.ar.wilink.com/?link=APC or call 1-888-301-0513 Order free Annual Report for BP plc Visit http://djnewswires.ar.wilink.com/?link=BP or call 1-888-301-0513 (END) Dow Jones Newswires June 24, 2010 17:02 ET (21:02 GMT)