(via cnn money)

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London based BP has announced that the oil company is in advanced stages of negotiations with the U.S. government’s Department of Justice and the Securities and Exchange Commission to resolve criminal claims resulting from one of the worst oil spills in history: the Deepwater Horizon disaster that happened in the Gulf of Mexico in April 2010.

A $7.8 billion settlement was reached between BP and lawyers representing private sector victims, but the month of September saw the Justice Department accusing BP of gross negligence and a "culture of corporate recklessness" in a federal court filing that made the company's liability expand.

Although the company is denying that an agreement is already in place for the fine amount, several media sources are reporting otherwise, stating the oil company has agreed to admit guilt and pay a fine that would be the largest criminal penalty in U.S. history.

If true, that pushes the potential settlement's price tag well past $1 billion.

No criminal charges have yet been filed, and a major civil trial set to take place in New Orleans has been delayed until February 2013.

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