It was a disaster of catastrophic proportions.

Eleven people died and nearly 5 million barrels of oil spewed out when this oil well exploded in the Gulf of Mexico two years ago.

Now oil giant BP - which owned two-thirds of the Macondo oil well - has reached an estimated $7.8 billion dollar deal with plaintiffs, including fishermen and clean-up workers, just three days before the case was due to go to trial.

The company, which still faces claims by the US government, Gulf states and drilling partners, says the proposed settlement is not an admission of liability.

Here in fishing hub Venice, Lousiana, one of many coastal towns affected by the spill, many say the litigation will make little difference.

(SOUNDBITE) (English) DAN SKERMETTA, OWNER OF VENICE SPORTSMANS LODGE

"I think it's just all the big guys pointing fingers at each other. Nobody wants to be at fault or the blame dropped on.."

(SOUNDBITE) (English) DAVID WELLMEYER, HOBBY FISHERMAN FROM COVINGTON, LOUISIANA

"It's not really going to affect me one way or the other, no matter who gets the blame, who pays the fine or who goes to jail, who doesn't go to jail, who gets away."

The effects of the oil spill are also still evident, according to some.

(SOUNDBITE) (English) ANTHONY JAMES, A HUNTER FROM WALKER, LOUISIANA

"Back yonder way over there, like I say, when you walk in the marshes and you pull your boot up, you just see it running off. It's definitely still there."

BP is one of a number of corporate defendants in the case - others include Swiss-based Transocean and Halliburton - who are also all suing each other.

The proposed settlement must be submitted to court for approval.

Sunita Rappai, Retuers