In this handout image provided
Fire boat response crews battle the blazing remnants of the off shore oil rig Deepwater Horizon in the Gulf of MexicoGetty

BP has reached a record $18.7bn (£11bn) agreement with US authorities on the settlement figure for the 2010 Gulf of Mexico oil spill.

The sum will be paid over 18 years to Louisiana, Alabama and Florida to settle all compensation claims resulting from the oil spill, according to Bloomberg.

US media reports that attorney generals in all three states have convened in news conferences on 2 July.

The spill devastated coastline and businesses in the worst offshore oil spill in US history.

BP's settlement is made in addition to the $28bn the oil giant has already spent on the response, clean up and compensation for the oil spill.

The company has set aside $43.8bn for compensation and damages caused by the spill.

The explosion on the Deep Water oil rig in 2010 killed 11 workers and resulted in an oil spill into the Gulf that lasted three months.