British energy giant BP said on Monday it made an initial payment of 3 billion U.S. dollars into the 20-billion escrow fund to compensate residents and businesses affected by the oil spill in the Gulf of Mexico.

"The purpose of the escrow account was to assure those adversely affected by the spill that we indeed intend to stand behind our commitment to them and to the American taxpayers," Bob Dudley, BP's newly appointed CEO, said in a statement.

"Establishing this trust and making the initial deposit ahead of schedule further demonstrates our commitment to making it right in the Gulf Coast," he said.

Two individual trustees have been named to administer the newly-established fund, including former U.S. District Judge John S. Martin and Kent Syverud, dean of the Washington University School of Law, according to the statement.

Citigroup will serve as corporate trustee and paying agent for the account.

BP, the operator of the Deepwater Horizon drilling rig that exploded off Louisiana and unleashed the worst spill in U.S. history in late April, agreed to set up the claim fund in mid-June under pressure from U.S. President Barack Obama.

The U.S. Department of Justice said negotiations on the fund were completed on Monday.