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Oil giant BP on Friday announced that it has entered into an administrative agreement with the US Environmental Protection Agency (EPA) which resolves the issues related to the suspension, debarment and disqualification of BP following the Deepwater Horizon accident and oil spill. As such, the group became eligible to enter into new contracts with the US government, including new deepwater leases in the Gulf of Mexico. "After a lengthy negotiation, BP is pleased to have reached this resolution, which we believe to be fair and reasonable," said John Mingé, Chairman and President of BP America. "[The] agreement will allow America's largest energy investor to compete again for federal contracts and leases." Under the terms of the agreement, which will apply for five years, BP has agreed to a set of safety and operations, ethics and compliance, and corporate governance requirements. This includes the ones in the remedial order, which stems from BP's 2012 plea agreement with the US Department of Justice and its final judgement order with the US Securities and Exchange Commission. As part of the administrative agreement, BP will dismiss the lawsuit it filed against the EPA in federal court in Texas for improper statutory disqualification and suspension. NR