Sky News has exclusively learnt that BP is lining up a £5bn war chest from banks to help meet the costs of the oil spill.
Sky News City editor Mark Kleinman revealed that the company is engaged in talks with some of the world's biggest banks, including HSBC, to meet their financing needs.
He said the funds would be used to cover an expected influx of compensation claims over the coming months.
BP disclosed on Monday that it had already spent $1.6bn (£1.1bn) on controlling the spill.
City editor Mark Kleinman
Executives from five major oil companies are appearing before the US Congress as President Barack Obama prepares to address the nation this evening.
He will outline a plan to deal with the leak as well as an approach to curb America's dependence on fossil fuels.
Despite an earnings forecast of £23.7bn this year, the oil giant's debt has been downgraded by Fitch Ratings to BBB, raising its cost of borrowing as investors demand higher returns for the increased risk.
Barack Obama and Florida Governor Charlie Crist on Pensacola Beach in Florida
The downgrade came after scientists said they had underestimated the extent of the damage and US politicians called for the creation of a £13.5bn fund to deal with damage claims.
BP's board is discussing deferring its upcoming dividend, for the first time in 18 years, until liabilities from the oil slick are known.
Without the relevant technology, the US government has been forced to rely on BP for the fix. This is not likely until a relief well penetrates the blowout in a few months' time.
The 1,600 metre deep well in the Gulf of Mexico has been gushing oil since April 20.
