BP and the US government have jointly announced the pair have entered into an administrative agreement, ending BP’s suspension, debarment and statutory disqualification.
The agreement with the US Environmental Protection Agency (EPA) on behalf of the US government ends all sanctions against BP following the 2010 Deepwater Horizon accident, paving the way for BP to compete for future contracts within the US including Gulf of Mexico deep water leases.
As part of the five year agreement, BP has agreed to tougher safety and corporate governance requirements, as well as dropping all lawsuits filed against the US EPA through the Texas federal court.
Chairman and President of BP America, John Mingé said “After a lengthy negotiation, BP is pleased to have reached this resolution, which we believe to be fair and reasonable. Today’s agreement will allow America’s largest energy investor to compete again for federal contracts and leases.”Last updated on 10:56AM - 05/09/15