BP cleared to enter new federal contracts, including GoM leases

Offshore staff

WASHINGTON, D.C. –BP has reached an administrative agreement with the US EPA that resolves “all matters related to the suspension, debarment, and statutory disqualification” of BP after the Macondo incident in the Gulf of Mexico.

This allows BP to enter into new contracts with the US government, including new deepwater GoM leases.

In the agreement, BP agrees to a set ofsafety and operational, ethics and compliance, and corporate governance requirements, including those in the remedial order under the 2012 Plea Agreement with the US Department of Justice and the Final Judgement Order with the US Securities and Exchange Commission.

BP also will dismiss its lawsuit against the EPA for improper statutory disqualification and suspension.

3/17/14