BP Close To Gulf Oil Spill Compensation Deal

British oil giant BP is in advanced discussions about settling criminal and other claims stemming from the Gulf of Mexico well blowout two years ago.

In a statement on Thursday BP said "no final agreement has yet been reached" and that any deal would still be subject to court approvals.

The impending agreement covers all Department of Justice (DoJ) and Securities & Exchange Commission (SEC) claims against BP in connection with the 2010 disaster.

The proposed settlement will not include civil claims under the Clean Water Act and other legislation, pending private civil claims and state claims for economic loss.

Oil gushed from the Macondo well in the Gulf of Mexico for weeks

The explosion and fire aboard the Deepwater Horizon rig on April 20, 2010, killed 11 workers and set off a spill which continued for 87 days, fouling large areas of the southern coast of the US.

Any settlement is expected to dwarf the largest previous corporate criminal penalty assessed by the DoJ - the $1.2bn fine imposed on drug maker Pfizer in 2009.

BP has set aside $37.2bn to cover its liabilities from the incident, but the company has said the final cost is by no means certain.

BP also recently announced it expects to make the final payment this year to a $20bn trust fund to cover damage from the blowout.

In March, BP announced a settlement with multiple claimants for medical and economic losses, which is estimated to cost $7.8bn.

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