Over 125 million gallons of oil spewed into the Gulf after an explosion at the Deepwater Horizon oil rig in 2010.
The settlement is the largest paid by a single company in US history .
The Deepwater Horizon oil spill was one of the worst environmental disasters in US history and claimed the lives of 11 people.
In December the US Supreme Court rejected the oil giant`s legal challenge over an original compensation deal agreed in 2012.
At the time BP had already paid out $2.3bn in so-called business economic loss claims out of a total of $4.25bn in compensation claims to individuals and businesses, according to Patrick Juneau, the administrator appointed by the courts to handle claims.
The settlement process is also separate from other court proceedings relating to the spill, including environmental and criminal penalties.
BP has already set aside $43bn even without the Clean Water Act fine.
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