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British oil company BP was trying to raise an extra $50 billion to cover the cost of the devastating oil leak in the Gulf of Mexico, the weekly Sunday Times reported Sunday.

State-run Oil and Natural Gas Corporation (ONGC) chairman R.S. Sharma Thursday said the BP oil spill off the Gulf of Mexico has become a "game changer" for the hydrocarbon industry and will sharply increase insurance costs.

US President Barack Obama will hold his first meeting next week with top officials from oil giant BP, the White House said Friday, as government scientists said the worst oil spill in US history could be nearly twice as bad as previously thought.

The British government is concerned that criticism towards energy company BP for its failure to curb the oil spill in the Gulf of Mexico may hamper the country's relationship with the US.

US President Barack Obama said BP was making progress in capping the massive oil leak in the Gulf of Mexico, but slammed the British energy firm for delaying claims payments to local fisherman while it hands out billions to investors.

Norwegian oil exploration and development company Aker BP has installed the Valhall Flank West topsides on the Valhall field, located offshore Norway in the North Sea.

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What started as a low-profile trip by the PM to Shetland to announce a household energy policy and pat a pony has become an under the radar inspection of an oil field with the potential to tear apart the union. Are the UK government and BP in cahoots or is it just 'utter nonsense'?

BP has opened its first-ever UK centre dedicated to training and development via life-size simulators, augmented reality and 3D visualization capability. Offshore-Technology's Heidi Vella was invited to the centre to experience the centre first-hand. In July, BP opened the doors to its shiny-new Upstream Learning Centre built on spare land at its International Centre for Business and Technology (ICBT) in Sunbury-on-Thames.

US stocks trimmed early gains to trade with modest losses, but later battled its way back into positive territory. Technology and financials, the most powerful sectors trade out in front of the action whereas the potency in the two sectors resulted in +0.65% gains.

US stocks trimmed early gains to trade with modest losses, but later battled its way back into positive territory. Technology and financials, the most powerful sectors trade out in front of the action whereas the potency in the two sectors resulted in +0.65% gains.