Oil giant BP revealed a dip in profits yesterday as its commitment to sell off billions of pounds of assets in the wake of the Gulf of Mexico disaster hit production.

TULLOW Oil is set to significantly enhance its European-based assets by acquiring Dutch company Nuon Exploration & Production, for €300 million.

Oil giant BP today revealed plans to sell several assets in the UK, including the biggest onshore oil field in Western Europe.

The ISEQ index of Irish shares made up for some of yesterday's losses, rising 149.34 points to 7510.71, by the end of day's trading.

The ISEQ index of Irish shares has bounced back from yesterday's loss of over 200 points, rising 130.97 to 7492.34 by 2.30 pm this afternoon.

ISEQ-listed Tullow Oil has said its southern North Sea Schooner-10 production well commenced production on May 16 at a stabilised rate of 22 mmscfd.

Powergen owner E.ON boosted the amount of gas it generates from the UK today with a deal worth £470m (€693m) for UK producer Caledonia Oil and Gas.

OIL and gas exploration firm Tullow Oil has started production at the Horne and Wren North Sea gas field, the London and Dublin quoted oil and gas group, said yesterday.

Oil and gas exploration group Tullow today announced updates on three UK Business Unit assets.

British Gas owner Centrica discussed a £19bn (€27bn) merger with a Norwegian rival as it battles to overcome dwindling gas stocks in the North Sea, it was reported today.

TULLOW Oil has announced its second major takeover this year.

The ISEQ index was up 25.47 to 5661.93 in morning trade.

Tullow Oil has announced that it was awarded nine operated exploration blocks in the UK twenty-second offshore licensing round.

The ISEQ continues to struggle after last week's uncertainty following the Madrid bombing.

Production has begun in the Boulton H Well gas field in the southern North Sea, according to Tullow Oil plc.

Independent oil and gas exploration, development and production firm Tullow Oil plc has said it has decided to plug and abandon the Rasulpur-1 well in Bangladesh.

Irish oil and gas group Tullow Oil posted a 31% leap in pre-tax profits today as recent investment in new production pumped through.

Anglo-Irish group Tullow Oil has begun production on its McAdams gas field in the southern North Sea.

A major gas exploration project in the North Sea helped Anglo-Irish group Tullow Oil to a 47% rise in turnover last year, the company said today.

TULLOW OIL has been given a strong buy rating in advance of its results announcement yesterday