US Lawmakers Press Anadarko, MOEX To Reserve Funds For Oil Spill

By Tennille Tracy Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--U.S. lawmakers are pressing Anadarko Petroleum Corp. (APC) and MOEX Offshore 2007 LLC to start paying some of the costs related to the Gulf of Mexico oil spill and to set aside money for future expenses. As minority investors in the well that is the source of the oil spill, Anadarko and MOEX Offshore have been identified as responsible parties by the federal government, said Sen. John McCain (R., Ariz.) during a hearing held by a panel of the Senate Committee on Homeland Security and Governmental Affairs. "My understanding is that responsible parties have to pay, but you're not paying," McCain said. "I strongly recommend that you set aside funds and that you start paying bills." Anadarko owns a 25% stake in the Macondo well lease, while MOEX Offshore owns a 10% stake. MOEX Offshore is a subsidiary of Japan-based Mitsui & Co. (MITSY, 8031.TO). BP PLC (BP, BP.LN), meanwhile, owns the remaining 65% and serves as the main operator of the well. Both Anadarko and MOEX Offshore have failed to pay the federal government for cleanup-related costs and have denied attempts by BP to recoup costs related to the spill, said Sen. Thomas Carper (D, Del.), who is chairman of the subcommittee. BP sent Anadarko an invoice for $900 million and it sent a $450 million invoice to MOEX Offshore, Carper said. MOEX Offshore President Naoki Ishii said he didn't remember seeing a bill from the federal government. He added that it was important to determine the causes of the oil spill before assigning financial responsibility. "It's a little too early at this stage because we have to wait for the cause to be clarified," Ishii said through an interpreter. Anadarko Chief Executive James Hackett said the partnership among Anadarko, MOEX Offshore and BP requires BP to pay for upfront costs related to the spill. Once that is done, the companies will determine how to split the overall expenditures. "We're in discussions with BP on this," Hackett said. He later said to a group of reporters that, "We feel that we have the assets available if, in fact, BP doesn't meet its publicly stated commitments." McCain accused the companies of postponing any payments until they could litigate the issue in court. Lawmakers are taking a close look at the companies that invested in the Macondo oil as costs related to the oil spill continue to mount. BP has already paid more than $200 million to compensate those affected by the spill and is close to activating a $20 billion fund for the same purpose. Legislators want to make sure that taxpayers don't get stuck with the bill for the spill cleanup. "It looks like you're not stepping up," said Sen. Claire McCaskill (D., Mo.). "Why would you suffer that kind of public relations disaster?" -By Tennille Tracy, Dow Jones Newswires; 202-862-6619; tennille.tracy@dowjones.com (END) Dow Jones Newswires July 22, 2010 17:24 ET (21:24 GMT)