The company also paid $50m to the federal government in 2009, for pollution charges which killed 15 workers and injured 180 people.
BP also paid $71.6m to the U.S. Occupational and Safety Administration for worker safety violations and over $2bn to settle legal claims from the explosion.
The agreement must be approved by a state court judge before it takes effect, reports Reuters.
The refinery produces about 406,540 barrel-per-day (bpd) that accounts for 2.2% of the US refining capacity.
