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NEW ORLEANS BP announced Thursday that it is once again eligible to enter into new contracts with the U.S. government, including deepwater leases in the Gulf of Mexico.

The company said it had entered into an administrative agreement with the United States EPA resolving all matters relating to its suspension, debarment and disqualification following the oil spill of the Deepwater Horizon.

'After a lengthy negotiation, BP is pleased to have reached this resolution, which we believe to be fair and reasonable,' said John Minge, chairman and president of BP America, Inc. 'Today's agreement will allow America's largest energy investor to compete again for federal contracts and leases.'

Under the terms and conditions of the administrative agreement, which will apply for five years, BP has agreed to a set of safety and operations, ethics and compliance, and corporate governance requirements, including those contained in the remedial order stemming from BP's 2012 Plea Agreement with the US Department of Justice and Final Judgment Order with the US Securities and Exchange Commission.

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