BP and the Plaintiffs' Steering Committee confirmed the U.S. District Court in New Orleans extended the deadline to give the sides more time to finalize in-principle agreements.
BP announced in March it reached a $7.8 billion settlement with the PSC, a consortium of individuals and businesses involved in a multi-district suit against the oil company.
Both sides, BP said in a statement, are finalizing two agreements on economic and property damage claims along with medical claims the company said would "fairly compensate people and businesses affected by the Deepwater Horizon accident and oil spill."
The settlement would come from a $20 billion fund set up by BP.
The accident was one of the worst for the oil industry and 11 workers died in the explosion that sank the Deepwater Horizon rig in the Gulf of Mexico.
BP's case with the PSC doesn't address claims from the U.S. government that BP violated the Clean Water Act or other related measures.