United States on 13 March 2014 lifted the ban on oil giant BP that prevented it from winning new government contracts. This ban has been lifted following a commitment of the firm that it will implement a set of safety and operations, ethics and compliance and corporate governance requirements.
The administrative agreement between the United States Environmental Protection Agency (EPA) and BP, says that the firm will also drop its lawsuit against the US Environmental Protection Agency.
The administrative agreement applies to all of the suspended and debarred BP entities, including BP Exploration & Production Inc., BP p.l.c. and certain affiliated companies. This move of US will allow the firm to enter into the new contracts with US, which also includes Gulf of Mexico.
Background
This ban was imposed on BP, Europe’s third-largest oil company as a penalty for the 2010 Gulf of Mexico oil spill, which was worst in US history. The oil spill was caused following an explosion on the Deepwater Horizon rig of BP in which 11 people were also killed.
BP filed a lawsuit against the EPA in federal court in Texas for improper statutory disqualification and suspension.
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