Relatives of the 11 men who died aboard the Deepwater Horizon oil rig are flying over the Gulf of Mexico today, back to the epicentre of the worst offshore oil spill in the nation’s history.

BP is blocking bonuses to executives who were responsible for operations in the Gulf of Mexico during last year’s disastrous well blowout.

BP engineers today hope to begin a plan to permanently halt oil gushing from a blown-out oil well in the Gulf of Mexico.

CHINA yesterday disputed that it had surpassed the United States last year to become the world’s largest energy user, and defended its efforts in boosting cleaner energy sources.

BP’s massive oil spill became the largest ever in the Gulf of Mexico yesterday, based on the highest of the federal government’s estimates, an ominous record that underscores the dire need to halt the gusher.

BP and the US Coast Guard sent oil-skimming ships in the Gulf of Mexico back to shore because nasty weather from Hurricane Alex churned up rough seas and powerful winds.

BP Plc defended its chief executive yesterday after Russia’s deputy prime minister said he expected Tony Hayward to resign soon, as a strengthening storm threatened efforts to capture more oil gushing into the Gulf of Mexico.

Drilling crews are grinding ever deeper to build the relief wells that are the best hope of stopping the massive oil leak at the bottom of the Gulf of Mexico.

An apologetic advertising campaign by BP for causing the biggest oil spill in US history has earned the company more criticism than sympathy as the pollution spreads across the US Gulf Coast from Louisiana into Alabama and Florida.

BP OFFICIALS yesterday expressed their disappointment at failing to plug the uncontrolled flow of oil from the worst spill in US history.

BP officials today expressed their disappintment at failing to plug the uncontrolled flow of oil from the worst spill in US history.

THE Gulf oil spill has surpassed the Exxon Valdez soill as the worst in US history, according to new estimates released yesterday, but the Coast Guard and BP said an untested procedure to stop it seemed to be working.

BP PLC told Congress last night its massive Gulf oil spill was caused by the failure of a key safety device made by another company.

The deadly blow-out of an oil rig in the Gulf of Mexico was triggered by a bubble of methane gas that escaped from the well and shot up the drill column, expanding quickly as it burst through several seals and barriers before exploding, according to interviews with rig workers conducted during BP's internal investigation.

A specially-built giant concrete-and-steel box designed to siphon oil away was being brought into use today as a short-term solution to bottling up the disastrous oil spill threatening sea life and livelihoods along the Gulf Coast of America.

THE US Coast Guard said it was to start a “controlled burn” yesterday to battle a giant oil slick from last week’s deadly offshore drilling rig explosion, as the spill threatened wide-scale coastal damage to four US Gulf Coast states.

Iraq’s government has approved an oil deal with a consortium led by British giant BP PLC to develop a prized oil field in the south.

Two of the world’s largest oil companies have unveiled plans to jointly develop a multibillion dollar pipeline to move natural gas from Alaska’s energy-rich North Slope to US markets.

President Hugo Chavez’s government took over Venezuela’s last remaining privately run oil fields today, intensifying a decisive struggle with Big Oil over one of the world’s most lucrative deposits.

Wall Street eked out a modest advance today after investors found little motivation in remarks by Federal Reserve officials and also shrugged off a warning from chip maker National Semiconductor Inc.

Georgia will pay more than double what it pays now for Russian natural gas under an agreement signed yesterday, a top executive with Russian gas giant OAO Gazprom said, in a deal that could potentially threaten its fragile economy.

Georgia will pay more than double what it pays now for Russian natural gas under an agreement signed today, a top executive with Russian gas giant OAO Gazprom said, in a deal that could potentially threaten its fragile economy.

Russia’s state-controlled energy giants are preparing for more acquisitions that could give the government ownership of almost half the country’s oil production, the most since privatisation of the Soviet industry began more than 10 years ago, according to a published newspaper report.

Wall Street advanced for a second session in a row today after minutes from the latest Federal Reserve meeting failed to produce any bombshells about the US economy, and oil prices dropped below $70 a barrel.

Near-record oil prices today in the wake of an Alaskan oilfield shutdown prompted investors to sell stocks on inflation fears, one day before the Federal Reserve’s next decision on interest rates.

BRITISH stocks including BP Plc fell after Europe’s largest oil producer reported a drop in first-quarter profit.

BRITISH stocks fell, led by BP Plc after the oil producer reported profit that missed analysts’ estimates.

THE Irish Stock Exchange entered record-breaking territory yesterday as the benchmark ISEQ index set a new all-time high and added over €1 billion to its value.

CRUDE oil prices dropped sharply yesterday, the second straight day of declines, as traders welcomed news that Hurricane Rita had weakened, suggesting that damage to refinery capacity in the Gulf could be less severe than originally feared.

A rise in oil prices sent stocks falling in the United States today as traders worried about the damage that Hurricane Rita might wreak on Texas refineries. The Dow Jones industrial average lost more than 100 points.

China’s growing thirst for oil will place a greater strain on the world’s top supplier, Saudi Arabia, at the very time doubts are being raised about the kingdom’s ability to substantially increase production.

Crude oil futures surged past $70 a barrel for the first time today as Hurricane Katrina headed toward the heart of US oil and refinery operations in the Gulf of Mexico, shutting down an estimated one million barrels of refining capacity.

As Iraq’s political factions move closer to forming a new government, the world’s oil leaders are dusting off their Baghdad contact books with an eye toward lucrative production agreements.

Royal Dutch/Shell Group, Norsk Hydro ASA and other oil firms said they won’t accelerate drilling until they are convinced higher prices are here to stay and that governments will protect the industry when prices fall.

Royal Dutch/Shell Group, Europe’s second-largest oil producer, recorded reserves from an Angolan field more than a year before partner BP Plc as the Anglo-Dutch company tried to make up for deteriorating oil and gas holdings.

BP plc said it is to buy back shares with free cash flow as long as the price of oil exceeds $20 (€16.51) per barrel, and said it expects to deliver "significant extra cash" to its shareholders over the next three years while growing production.

Hereward Ventures plc has said it signed a farm-in agreement with Northern Petroleum (GB) Ltd, a wholly owned unit of Northern Petroleum plc, to buy 10% of the onshore oil and gas exploration licence that covers parts of Hampshire and the Isle of Wight.

BP plc's oil output in Angola is set to rise from 50,000 barrels per day currently to 250,000 in 2007 after winning a large concession from national oil company Sonangol, the company said in a statement.

Oil giant BP PLC said it will sell its remaining 2.1% stake in China Petroleum and Chemical Corp (Sinopec).

British oil giant BP PLC said it intends to sell its 2% stake in PetroChina via a bookbuilt placing of stock.

THE bull market which has pushed stocks up 25% this year is set to continue, with analysts forecasting further growth of up to 10% in the near term.

OPEC, supplier of a third of the world’s oil, is planning to cut production from its highest level in 18 months to prevent a price slump as demand slows and Iraqi sales near a return to the market.

THE idea that there are companies generating more wealth than Ireland has been debunked by the United Nations.