The company which leased the Deepwater Horizon rig to oil giant BP has been fined $1.4bn (€1.06bn) after admitting its role in the Gulf of Mexico disaster.

Two BP rig supervisors charged with manslaughter over the death of 11 workers on the Deepwater Horizon will not go on trial until 2014.

BP has agreed to sell a range of North Sea oil fields to an Arab energy giant in a $1.1bn (€848.5m) deal.

Oil giant BP revealed a dip in profits yesterday as its commitment to sell off billions of pounds of assets in the wake of the Gulf of Mexico disaster hit production.

The first criminal charges in the Deepwater Horizon disaster have been filed against a former BP engineer who allegedly destroyed evidence.

A late rally today helped London’s leading shares index recover from Tuesday’s rout despite mixed signs about the health of the world’s biggest economy.

BP shares were sharply higher today after its €5.8bn deal with 110,000 businesses and individuals over the Deepwater Horizon disaster.

BP has accused Halliburton of destroying damaging evidence about the quality of the cement used in the oil well that blew out last year and caused the worst US offshore oil spill.

BP is accusing Halliburton of destroying damaging evidence about the quality of its cement that went into the Deepwater Horizon well that exploded, killing 11 people and causing America’s worst offshore oil spill.

EURO MPs have called for tougher oil rig safety standards in Europe and job protection for industry whistleblowers prepared to reveal rule breaches.

BP revealed a drop in quarterly profits today as the impact of the Deepwater Horizon disaster a year ago continues to hit the embattled oil giant.

Royal Dutch Shell set out “ambitious” production targets today as it embarks on a fresh wave of growth to meet soaring demand from emerging markets.

The embattled administrator of the €14.3bn fund for Gulf oil spill victims has been told by BP that his formula for determining final payments is too generous.

Bosses at BP will unveil the oil giant’s first annual loss in nearly two decades tomorrow following a disastrous year for the blue-chip company.

BP has unveiled an “historic” agreement with the Russian government in a £10bn (€11.85bn) deal which will open up unexplored reserves in the Arctic.

DISASTERS like the explosion of the Deepwater Horizon rig could happen again without significant reform, according to the conclusions of a presidential panel that has the companies involved in the nation’s largest offshore oil spill pointing fingers at each other again.

Decisions intended to save time and money created an unreasonable risk that triggered the largest offshore oil spill in US history, which could happen again without significant reforms, the top-level panel probing the BP blowout said tonight.

Embattled BP boss Tony Hayward defended the firm’s safety record tonight as he was grilled by a committee of MPs over the implications of the Gulf of Mexico oil spill.

The team behind BP's internal investigation into the Gulf of Mexico oil disaster laid out 25 recommendations to prevent similar tragedies from occurring in the future.

The FTSE 100 rose more than 1% today as markets were cheered by strong US corporate results and a major acquisition at home.

Lockerbie bomber Abdelbaset al-Megrahi "should have died in jail", David Cameron said today as he sought to calm renewed criticism in the United States of his release amid fresh questions over the role played by BP.

A report into a huge oil spill off Australia strikingly similar to the Gulf Coast one was handed to the government today.

The FTSE 100 Index made welcome gains today as oil giant BP also pulled out of its recent steep declines.

The FTSE 100 Index pushed higher today as good news from across the Atlantic offered a respite from recent market turmoil.

Strong gains on Wall Street helped limit losses for under-pressure BP today as the wider FTSE 100 Index also pulled back from early heavy falls.

London's FTSE 100 Index fought back from hefty falls today, but oil giant BP remained deep in the red after failing again to block the Gulf of Mexico oil spill.

WHILE the BP Gulf of Mexico disaster continues to dominate world media attention, the response of the offshore oil exploration companies appears to be self-preservation, dodging responsibility and denial.