BP is planning to raise $50 billion to cover the cost of the largest oil spill in U.S. history, London's Sunday Times reported without citing sources. The paper said BP planned to raise $10 billion from a bond sale, $20 billion from banks and $20 billion from asset sales over the next two years.

The oil major had said last week that it would suspend dividends and increase the pace of asset sales to $10 billion this year.

A spokesman for the group would not confirm any numbers on Sunday, when asked about the Sunday Times report.

(Reporting by Victoria Bryan; Editing by Jon Loades-Carter)