The global settlement has been carried out with the DoJ and five Gulf Coast states including Alabama, Florida, Louisiana, Mississippi, and Texas.
A gas release and subsequent explosion in April 2010 on BP’s Deepwater Horizon oil rig deployed for the Macondo exploration well in the Gulf of Mexico, had claimed 11 workers.
US Attorney General Loretta Lynch said: "Building on prior actions against BP and its subsidiaries by the Department of Justice, this historic resolution is a strong and fitting response to the worst environmental disaster in American history."
Under the terms of the agreement, which is due secure court approval, BP will pay a civil penalty of $5.5bn to the US federal government under the clean water act (CWA).
In addition to the $1bn payment made already for early restoration work, the company will pay $7.1bn for natural resource damages (NRD) under the Oil Pollution Act.
BP will also pay up to an additional $700m to address any later-discovered natural resource conditions as well as $600m for other claims, including claims for reimbursement of federal and state natural resource damage assessment costs.
A separate deal has also been signed by BP to pay $4.9bn to the five Gulf states and up to a total of $1bn to local governmental bodies to settle economic damages.
Secretary of Commerce Penny Pritzker said: "If made final, the settlement will provide the U.S. and Gulf states with the resources and certainty needed for effective restoration planning and improvements."
In July, a settlement agreement for $18.7bn was reached between the US DOJ and BP. The new figure involves some payment which was made already by BP.
Image: Oil spill from the BP’s Deepwater Horizon rig following explosion in 2010. Photo: courtesy of Petty Officer 1st Class Michael B. Watkins.
