BP would pay a $4 billion (R35.3bn) penalty and plead guilty to felony misconduct in the Deepwater Horizon disaster in 2010 that caused the worst offshore oil spill in the history of the US, the company said yesterday.

The company will also pay $525 million to settle securities claims with US regulators.

In aggregate, BP said it would pay $4.5bn over six years for the various resolutions.

BP's penalties will far exceed the previous record for the largest criminal penalty in US history. - Reuters