British oil giant BP said Friday it has reached a deal of 7.8 billion U.S. dollars to settle claims over the Gulf of Mexico oil spill.

In a news release, the London-based company said it expects the money to come from the 20-billion compensation fund it set up after the 2010 spill.

The proposed payment includes a commitment of 2.3 billion dollars to help resolve loss claims related to the Gulf seafood industry.

BP has reached a settlement with the Plaintiffs' Steering Committee (PSC) to "resolve the substantial majority of legitimate economic loss and medical claims stemming from the Deepwater Horizon accident and oil spill," said the release.

"From the beginning, BP stepped up to meet our obligations to the communities in the Gulf Coast region, and we've worked hard to deliver on that commitment for nearly two years," said BP CEO Bob Dudley.

"The proposed settlement represents significant progress toward resolving issues from the Deepwater Horizon accident and contributing further to economic and environmental restoration efforts along the Gulf Coast," he said.

BP has yet to resolve claims by the U.S. government, Gulf states and its drilling partners in the Deepwater Horizon project, in which pressure from an underwater well blew up a drilling rig, killing 11 workers and unleashing the worst oil spill in the U.S. history.