BP, the operator of the Gulf of Mexico well that caused the worst ever US oil spill last year, said profit declined less than expected as it increased an asset sales target 50% to $45 billion (€32.3bn).

BP said it will keep the western half of its Prudhoe Bay oil field online, enabling the company to get the field up to half its prior output despite pipeline corrosion.

Europe's largest oil company, BP, has reported profits of 42% in the second quarter as it benefited from improved trading conditions.