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March 13, 2014 AT 12:50 PM
BP PLC and the U.S. Environmental Protection Agency have reached an agreement that will allow the oil and gas company to start doing business again with the federal government. BP was temporarily banned from getting any U.S. government contracts after the 2010 Deepwater Horizon rig explosion and ensuing oil spill in the Gulf of Mexico. That injunction, put in place in late 2012, kept BP from renewing existing fuel contracts with the military and from leasing more offshore oil and gas properties. The company said, that under the terms of the deal announced Thursday, BP has agreed to heightened safety, operations, ethics and corporate governance requirements.