The CEO of the largest offshore oil and gas firm by capacity, of China named Cnooc Ltd. stated on Monday that the operations of Pan American Energy LLC will remain firm in the times to come even as BP PLC (BP) is selling off most of its stake in the South America-based oil and Gas Company. BP is doing that for helping out to cover the cost of the U. K. firm's oil spill in the Gulf of Mexico.

On Wednesday a federal panel of Scientists reported that BP officials and the contractors of the company who were aboard the rig Named Deepwater Horizon in the Mexican Gulf ,did not pay heed to the warning signs given clearly regarding the dangerous condition of the Macondo well before the well blew apart in the month of April.

The Wall Street Journal had cited a report done by technical experts and stated that due to BP did not consider the risk factors sufficiently and due to the oil major's lack of operative discipline the biggest oil spill in the history of the US had occurred.

Some of the most important news of the oil market is given below. Oil prices had it nearly two-week low with apprehension that there will be less demand for oil in China as the country will step up its monetary measure for cooling its economy.

According to a panel of investigator BP did not show operating discipline before the blow out of its well.

BP PLC (BP) is said to have reported the vending of its sold its fuel marketing businesses in several African countries for $296 million.

This trading is believed to be the most recent one in a program of $30 billion of asset sales which is intended to help the Company in the wake of the Gulf of Mexico oil spill.

On Monday investors have stated that they haven't found any evidence to say that someone had cut corners to save money that have resulted in a bad decision which blew out the Macondo well of BP.

They also stated that there may be enough bad decision taken by workers prior to the blow out that have aggravated the risk.

BP has capitalized on the better than expected earnings that it saw in its third quarter and that is making one thing clear that the company has left behind its worst days of the oil spill and its business is bouncing back.

Today BP the oil major announced that the total cost for its Deepwater Horizon oil spill will go up by another seven decimal seven billion dollars than what it had stated earlier and amount to forty billion dollars.

Many weeks before the explosions of the Deepwater Horizons both the oil giant BP and its subcontractor Halliburton were aware of the facts that the cement mixture meant to be used for sealing the well was not stable as per the test report.

British Petroleum and Japan’s Marunbeni Corp have reportedly reached a consensus regarding the sale of four oil wells in the Gulf of Mexico. According to Marubeni Corp, it has agreed to pay a sum of $650 million in lieu of four wells in the U. S.