Washington, DC, United States (4E) – BP PLC has reached an agreement with the U.S. Environmental Protection Agency (EPA) that will allow the oil and gas company to resume its business with the federal government.
Thursday’s agreement with the EPA removes a ban imposed in 2012 after the agency said that BP had not completely corrected problems related to the well explosion in 2010 that resulted to the death of 11 rig workers, spilled huge volume of oil and contaminated wide area of beaches.
Under the deal, BP has agreed to improve safety, ethics, operations and corporate governance requirements, according to the company.
BP needs to pay an0 independent auditor over the next five years to make annual reviews and report back to regulators on compliance with the accord, the EPA said. If BP breaches the agreement, the agency can take corrective action.
The company continues to be mired by the accident as it faces multiple lawsuits and court hearings. Two years ago, BP paid $4.5bn in penalties to settle criminal charges with the Justice Department.
BP, which has 2,300 workers employed in the Gulf of Mexico, continues to explore on leases in the area from before the accident.