BP says suspension doesn't affect existing contracts in U.S. (2)

BP said in the statement that EPA has informed the company that it is preparing a proposed administrative agreement that, if agreed upon, would effectively resolve and lift the temporary suspension."

The EPA notified BP that such a draft agreement would be available soon," BP said.

The suspension will temporarily prevent BP and certain affiliates from getting new federal government contracts, grants or other covered transactions until the company can provide sufficient evidence to EPA demonstrating that it meets federal business standards, the EPA said.

The EPA's move will affect at least some of BP's activity on the outer continental shelf, where it is among the largest oil and gas producers, according to analysts.

Thought it was not immediately clear exactly how much money was at stake for BP, analysts said the EPA move could be a significant blow to BP, depending on how long the suspension lasts.

BP entered a not-guilty plea in the federal court in New Orleans on Tuesday as a procedural move. A BP lawyer reiterated the company's plan to plead guilty at a later date as part of a 4. 5-billion-dollar settlement with the U.S. government.

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