German automaker Volkswagen Group has confirmed that it has signed a strategic deal with British multinational oil & gas giant BP Plc to create a network of ultra-fast charging infrastructure f

Global oil & gas giant BP suffered a steep decline of around 25 per cent in its underlying profit in the quarter ended March 31 as a huge write-off of the value of its American shale acreage weighed on its earnings.

New Orleans District Judge Carl Barbier has ordered BP to abstain from referring to the Gulf Coast Claims Facility (GCCF) and its executive Ken Feinberg as fencesitter.

This year a deep sea oil well spilled millions of gallons of oil into the Gulf of Mexico. Recently, scientists have discovered dead and dying corals near it, said a spokesperson of the Federal Government on Thursday.

A recent research cruise that was ended on Thursday found dead corals. These corals were apparently coated with a brown substance. These scientists found the dying corals while out on an excursion.

On Tuesday, BP PLC reported a 66.5% decrease in net profit for the third quarter, as the Company acquired another $7.66 billion pre-tax charge connected to the Gulf of Mexico oil spill.

The Company although surpassed the forecast made by the analysts in certain main standards.

The Company based in the United Kingdom reported that the net profit for the period of three months was $1.79 billion, as compared to $5.34 billion for the third quarter of previous year.

Royal Dutch Shell PLC and ExxonMobil Corp. have also showed increased twelve-monthly quarterly profits.

British Petroleum is looking to get rid of some of its assets in the Gulf of Mexico. The move by BP would be coming in respect to the cuts made in spending on capital assets and to alter the character of its assets, following the fury faced by BP after the Maconda oil spill.

Besides, being the largest license holder, British Petroleum is also known to be the biggest operator in the Gulf of Mexico region. The Company produces oil from 20 underwater fields.