BP has revealed it will invest £10m in the British Museum; the National Portrait Gallery; the Royal Opera House; and Tate Britain after renewing its sponsorship of the arts institutions.

The international oil company will provide funding over a five-year period following the deal, which is one of the largest long-term corporate investments in the UK's arts industry.

Each of the four institutions have existing partnerships with BP and will now secure a greater amount of funding to help further develop programmes and increase audiences.

Culture minister Ed Vaizey said: "This is a significant investment, with £10m going directly towards the staging of world-class exhibitions and performances.

"For more than 20 years, BP has led the way in business support for the arts, and I am delighted that this will continue over the next five years."

British Museum director Neil MacGregor said: "BP's renewed commitment to the Museum allows us to ensure that our six million visitors a year will continue to have the opportunity to experience important loan exhibitions for the next five years."

Tate director Nicholas Serota added: "BP's continued support over the next five years will be vital as we rehang the displays in 2013 following completion of major building works."

Details: www.bp.com

Image: The British Museum – Eric Pouhier