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It still faces potential claims from the government, Gulf Coast states and drilling partners Transocean Ltd and Halliburton Co.
BP said in a statement that it had long acknowledged its role in the accident and had urged its drilling partners to accept their share of the blame.
But lower entitlement volumes — industry parlance for the amount of oil host nations let their private drilling partners skim off — also played a big factor.
The announcement of an agreement late Friday by BP and lawyers representing individuals and businesses hurt by the disaster represented something of a turning of the page, though BP and its drilling partners continue to face legal challenges.
As the leaseholder on the well and the party responsible for the spill, BP is responsible for the entire cost, although this week it filed suit against its drilling partners, Transocean, Halliburton and Cameron International, blaming them for the accident and seeking to recover tens of billions of dollars in compensation.
For small-scale drilling partners the Internal Revenue Service permits the immediate deduction of so-called intangible drilling costs (labor and fuel, mainly).
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For Plains, this eliminates any further cash calls for continued development and any potential liability for Plains as a drilling partner if something goes wrong.
BP says that the oil catastrophe at the Macondo platform is the fault of its drilling partner, Halliburton.
Time spent drilling into partner's bottom side.
The two did several crosscourt baseline drills, then teamed up on the same side of the net opposite two male practice partners.
This consortium of partners is drilling very deep wells in the shallow water of the Gulf of Mexico.
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