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 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.

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