After the near collapse of his company following the 2010 Gulf of Mexico disaster and a three-year slump in oil prices, BP chief executive Bob Dudley is hardly relaxed.

The chairman of BP has announced plans to step down from the oil major, sparking a hunt for his successor.

The age of persistently weak oil prices is nearing its end, with demand booming and a supply squeeze in the offing, according to trading giant Trafigura.

BP says it will need a crude price of about $40 a barrel in 2021 to cover spending and dividends, down from $60 this year, as chief executive Bob Dudley seeks to reassure investors on the oil major’s growth outlook and finances.

Oil major BP has approved a $9bn (€8.5bn) investment in its ‘Mad Dog’ project in the Gulf of Mexico, its first major new platform in the region since a 2010 explosion at its Macondo well led to the worst offshore disaster in US history.

BP said it could cut capital spending further after reporting an 80% drop in profits in the first quarter of the year, when oil prices touched a near 13-year low.

One of the warning lights that there is too much oil around is no longer flashing, adding to signs that global crude markets are finally on the mend.

WPP’s Martin Sorrell, head of the world’s largest advertising company, has raked in more £120 million (€155m) in the past six years in annual pay — but his biggest windfall is yet to come.

For Europe’s biggest oil companies, $60 is the magic number. BP, one of the first companies to predict a prolonged price downturn, has “reset” its business to generate surplus cash flow, with oil at about $60 a barrel by 2017.

BP, the UK’s second-largest oil producer, has said profit has fallen because of lower output and a drop in earnings at refineries.

BP was today ordered to respond to allegations of natural gas market manipulation and threatened with fines of US $28.8m (€21.75m) by US federal energy regulators, in the latest round of its legal troubles in America.

Oil giant BP sparked a big jump in its share price today after quarterly profits of $4.2bn (€3.2bn) smashed City expectations.

British energy giant BP said net profits slumped by more than half in 2012 as the group was rocked by fines and asset sales linked to the 2010 Gulf of Mexico oil spill disaster, ahead of a US trial later this month.

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

BP’s recovery in the wake of the Gulf of Mexico oil spill disaster gathered pace yesterday as it surprised investors with a bigger-than-expected hike to its dividend.

London’s FTSE 100 Index powered nearly 1% higher as hefty gains from BP helped it overcome a second day of trading being suspended in storm-ravaged New York.

BP was today on the verge of a deal that will see it take a significant stake in what will be the world’s largest publicly listed oil producer.

Oil giant BP today said it has agreed to sell assets in the US Gulf of Mexico for a total of $5.6bn to an American petroleum firm.

The boss of BP has been awarded a bonus worth more than £500,000 despite 2011 being a turbulent year for the company.

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

Tens of billions of dollars will be at stake when BP heads to a US court this month to determine how much it owes for the massive Gulf of Mexico oil spill and how much it can shift to subcontractors.

BP ratcheted up the rhetoric around multi-billion dollar claims from the Gulf oil spill by warning it would vigorously contest lawsuits over one of the world’s worst environmental disasters.

BP signalled a further step in its recovery today by hiking its payout for shareholders for the first time since the Gulf of Mexico oil spill.

BP’s pledge to sell off billions of dollars of assets to cover compensation for the Gulf of Mexico oil disaster was dealt a blow today after a major deal in Argentina was scrapped.

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).

The under-pressure boss of BP today insisted the beleaguered oil giant had reached a “turning point” despite production falling as it continues to sell off billions of dollars worth of assets in the wake of last year’s Gulf of Mexico oil disaster.

BP boss Bob Dudley said today that the embattled oil giant had reached a “definite turning point” following last year’s Gulf of Mexico disaster as he revealed a boost to third-quarter profits.

David Cameron insisted that Britain would not give up on bringing Alexander Litvinenko’s killer to justice as he kicked off his visit to Russia today.

BP’s hopes of making the Arctic a key part of its recovery plan were dealt a major blow today by the failure of a share swap and exploration deal with Russian oil group Rosneft.

BP faced protests from angry fishermen and disgruntled shareholders at its first annual general meeting since the devastating oil spill in the Gulf of Mexico.

A number of protesters were ejected from BP’s Annual General Meeting today after attempting to storm the stage.

Oil giant BP is expected to face further shareholder ire at its annual general meeting over “wholly unacceptable” boardroom pay packets awarded in the wake of the Gulf of Mexico oil disaster.

OIL giant BP is expected to face further shareholder ire at its annual general meeting over “wholly unacceptable” boardroom pay packets awarded in the wake of the Gulf of Mexico oil disaster.

BP’s €11.3bn share-swap with Russian government-owned Rosneft was dealt another blow today after a tribunal blocked the deal until further notice.

BP shares came under pressure today as it was reported that staff at the beleaguered oil giant could face manslaughter charges over the Gulf of Mexico oil spill.

A £10bn (€11.4bn) deal between British oil giant BP and Russian government-owned Rosneft is on hold today after a tribunal ruled it breached agreements with other partners.

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

BP has not paid its chief executive a bonus in the wake of the Gulf of Mexico oil spill, its annual report revealed today, but two senior directors will receive combined payouts worth nearly £700,000 (€817,117) on top of their regular salaries.

BP's new chief executive shifted focus at the oil giant to the "future rather than the legacy of the past" today as it revealed the Gulf of Mexico oil spill saw the company sink to its first loss in nearly 20 years.

BP suffered its first annual loss in nearly two decades today after revealing that the Gulf of Mexico oil spill will cost it more than $40bn (€29.1bn).

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.

A Russian government-owned firm will own a 5% stake in BP as part of a “groundbreaking” global alliance, it was announced tonight.