BP shares rose sharply today after it announced it will receive $4bn (£2.5bn) in a settlement with one of its partners at the site of last year’s Gulf of Mexico disaster.

US petroleum firm Anadarko held a 25% share in the Macondo well which blew out in April last year, causing the largest oil spill in US history.

BP said that the money will be put into the $20bn (£12.6bn) trust fund set up to settle claims from the incident. Texas-based Anadarko is also handing over its stake in the well to BP.

The UK oil firm, which saw its share rise by 5% today, said the settlement was not an admission of liability by either party.

It has previously announced settlements with MOEX, which had a 10% interest in the Macondo well, and Weatherford, which provided drilling equipment. BP said it was also pressing other parties, including contractors Halliburton and Transocean, to "ontribute appropriately".

Chief executive Bob Dudley said: "here is clear progress with parties stepping forward to meet their obligations and help fund the economic and environmental restoration of the Gulf. It’s time for the contractors, including Transocean and Halliburton, to do the same."