BP receives record $4.5bn in US fines

British energy giant BP said Thursday it had agreed to pay more than $4.5 billion in US fines related to the devastating 2010 Gulf of Mexico oil spill, including a record $4.0 billion to settle criminal claims.

"The aggregate amount of the resolution is approximately $4.5 billion (3.5 billion euros), with payments scheduled over a period of six years," BP said in a statement.

BP said it had agreed a resolution of all criminal claims with the US Department of Justice which includes $4.0 billion to be paid in installments over five years. It said $1.256 billion of the $4.0 billion total were for criminal fines.

It additionally agreed a resolution of all securities claims with US regulator the Securities and Exchange Commission (SEC), which includes $525 million in fines to be paid in installments over three years.