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.

BP’S incoming chief executive fired the executive responsible for deep water wells like the one that blew out in the Gulf of Mexico and announced a new unit to police safety practices throughout the company.

BP’s incoming chief executive took the first steps in rebuilding shattered confidence in the group today as he announced plans for a new safety division with “sweeping powers”.

SOMETIMES I wake up early enough in the morning to catch Farming Today on BBC Radio 4.

BP was given a shares boost today after the group announced a “giant” oil discovery in the Gulf of Mexico.

Oil giant BP today announced plans to cut more than 350 jobs at its North Sea headquarters.