BP oil spill clean-up bill hits $11.2bn

The clean-up bill for the Gulf of Mexico oil spill has risen to $11.2bn, BP said today as new boss Bob Dudley officially takes up the reins.

The firm, which sees Mr Dudley take over from embattled chief executive Tony Hayward, said it had also pledged assets including interests in production from its major Thunder Horse and Mad Dog operations to support a $31.6bn compensation fund.