As per a Reuters poll, BP’s Gulf of Mexico oil spill affected its profits and its production in the third quarter.

The third-quarter replacement cost profit for BP went down by 2% to $4.60 billion in spite of a 12% increase in the prices of crude oil, 29% rise in natural gas prices in the United States, and two times increase in the U. K. gas prices.

Bob Dudley, BP’s new chief executive, is witnessed to launch fast effort to rebuild its tarnished reputation. The energy group has claimed that employees’ performance based on safety issues will be the sole measure that would be considered for presenting the fourth-quarter bonuses.

On Tuesday British Petroleum announced that the oil giant will give fourth quarter bonuses to employees based on their performances in safety issues. This move is being taken to reinstate the company’s image which got smudged by the oil spill in the Gulf of Mexico

The number of operator ships plying back and forth from the Gulf of Mexico is supposed to be withdrawn by the British Petroleum. The initiative is part of a bigger plan and motive.

The company wishes to cut down on its capital investment and total yearly spending. Also, in accordance with the Macondo oil spill it wants to rebalance its assortment of resources.

Bob Dudley the newly appointed chief executive of BP has sacked the firm's chief of production and exploration after the incident of the huge oil spill in the Gulf of Mexico.

Dudley assigned three BP executives to share the ousted executive's responsibilities amongst them.

There is a probability that laying the entire burden of cleanup on the Company, which is responsible for an oil spill, will create a potential conflict of interest, says Coast Guard Admiral Thad Allen, President Obama's point man in the Gulf of Mexico.

Oil giant BP is fully aware of the fact that the amount of fine to be levied by the US government, for the infamous Gulf of Mexico oil spill, will largely depend on the quantity of oil spilled. As such, the company is getting ready for the legal scuffle with the US government over the fines, and is working on formulating its own estimates of how much oil spewed from its ruptured well.

The cost that BP has had to pay up to now for the Deepwater Horizon catastrophe has struck $10bn.

The containing and cleaning process of the gigantic oil spill has hit almost $10bn, after the Government of the United States announced that spill well had at last been plugged, which is five months after the blast occurred in the oil well.

With a thick seal of cement capping the BP's troubled well, the move has led the Government officers to heave a sigh of relief.

But it is not certain that the problems, which emanated from the worst oil spill, have come to an end as yet.

On Friday, Retired Coast Guard Admiral, Thad W. Allen, stated that the relief well which was placed more than 17,000 feet below the floor of the Gulf of Mexico, has finally reached the Macondo oil well, which is owned by British Petroleum. As a result, the oil well is now secured and, Allen added, with not a shred of doubt, the well is secured and there are no traces of oil discharge.