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.

Oil giant BP was under fresh pressure today after American safety officials said budget cuts and a lack of leadership contributed to “significant safety problems” at the group’s Texas City plant, where 15 people were killed in an explosion.

Oil giant BP was under fresh pressure today after it emerged safety concerns would delay the start of production at a key field in the Gulf of Mexico.

Shares in UK oil firm BP helped to drag the London stock market into the red today after a hurricane apparently damaged one of its new rigs in the Gulf of Mexico.