According to reports, the UK Government recently declared that finally, they have showed green signal to the oil titan BP and its associates to carry on with their development project worth £4.5bn, which was related to the North Sea.

However, the new project is supposed to be one of the four most significant new oil and gas projects valued at nearly £10bn, which were designed by the oil syndicate.

According to reports, the cost of oil has dropped despite global economic skepticisms, as retailers like BP, Shell, Z Energy and Caltex have reduced their prices for ‘unleaded petrol’ by 3c, with their price for 91 octane fuel falling to $2.03.9 per liter.

The New Zealand-based Company, which owns the Shell and Z retail network, Z Energy has announced to reduce the prices of petrol and diesel at its Shell and Z branded sites by 5c a litre on diesel and 2c on petrol with immediate effective.

After MOEX USA Corp.’s agreement on handing over $1.07 billion in order to settle claims from the Deepwater Horizon disaster, BP Plc shares rose nearly 4% on Friday. MOEX USA Corp. is one of the co-owners of the Macondo oil in the Gulf of Mexico and owns a 10% stake in the company through a subsidiary.

Through the agreement, MOEX becomes first of BP’s partners which agrees to contribute to the disaster´s cost in the Gulf of Mexico. Last year, the oil company established a $20 billion trust to pay claims resulting from the oil spill.

After the great oil spill last year, there was the launch of Rig Worker’s Assistance Fund by the oil giant, BP. The sum allowed in the fun is a huge $100 million. The firm is surprised to see how the rig workers are disinterested in the fund and is unwilling to make the most out of the fund they have been granted.

In a compromise with Russian partners who have fought for a slice of the action, BP (BP. L) has agreed to cede its share of an Arctic oil exploration pact with Rosneft to its half-owned affiliate TNK-BP.