The deal with the White House would allow BP to guarantee its $20bn (£13bn) clean-up fund against revenues from its operations in the Gulf, which account for approximately 10pc of its oil and gas business.
If the deal were to be agreed – it remains one of a number of solutions being discussed – it would all but guarantee BP’s future in the Gulf, despite efforts by certain members of the US Congress to force the company away from US shores.
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