However, BP said that total oil and gas production was down 5% on a year earlier, primarily due to the sale of its stake in the TNK-BP Russian joint venture.
Under the plan, BP said that the worst spill from a mobile drilling operation would come from a lease called the Mississippi Canyon 462, about 33 miles off the Louisiana coast.
But BP said Monday that its Texas City refinery was operating normally, according to TradeTheNews.
The BP executives said that 50 minutes before the blowout, there were signs that something was wrong.
Some BP shareholders said Thursday that the dividend may have to be sacrificed in the short term to turn down the political heat.
At a press conference Bob Dudley, BP's new boss, said that it had been impossible for BP to talk to AAR in advance of the Rosneft deal because of the market sensitivity of the share swap involved, and that BP and its partners would be headed for arbitration on the matter regardless of the court verdict.
Admiral, over the weekend Tony Hayward said that BP clearly was not prepared for a spill of this magnitude.
And an internal report in May said that BP executives should be sacked for failing to prevent a fatal blast.
Analysts said that BP will provide much needed deepwater exploration expertise to Reliance which has been struggling to ramp up production at KG-D6, its biggest block which lies off the east coast.
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Northern Isles Lib Dem MP Alistair Carmichael said the deal with BP showed that the oil industry was willing to do its bit.
Feinberg said that at his request, lawyers for BP will be involved in drafting releases that exempt BP--but not other potential defendants--from any future liability for the spill.
Interior Secretary Ken Salazar said that his "own preliminary observations" were that BP and its partners had made "some very major mistakes" leading up to and after the disaster.
Stephen Pope, global equity strategist at Cantor Fitzgerald in London, says there are still a number of undetermined issues, including the pressure reading which is still short of the level that BP itself has said it needs to see to declare the well sound.
"We have known for some time that the cement used to secure the production casing and isolate the hydrocarbon zone at the bottom of the Macondo well must have failed in some manner, " the letter said, noting that BP used a "nitrogen foam cement" recommended and supplied by Halliburton.
In May 2009, he said in another memo that BP's output in the Gulf had reached a record 500, 000 barrels a day, a year ahead of schedule.
After seeing an initial oil collection plan from BP, we went back to them and said that they need to move faster and more aggressively.
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The letter from Fred Bartlit Jr. to the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling said that tests in February on a cement slurry similar to what was used on the Macondo well showed instability -- and that both companies had the data.
In his statement before the trial began, BP General Counsel Rupert Bondy said the company would push for the court to consider lower penalties, arguing that BP made efforts to do the right thing and "immediately stepped up" and acknowledged its role in the spill.
The joint BP-US government response team said there were doubts that the oil had drifted all the way from the spill.
Ken Feinberg said yesterday that the White House and BP had agreed to give him jurisdiction over claims from individuals and businesses harmed by the six-month moratorium.
He said it should have made plain to BP employees that the pressure under the well was unstable, making the well "dangerous and fragile", and that drilling should have stopped immediately.
Even in the case of the worst spill, BP said, there was only a 3% chance that oil would come ashore after a month in any part of the Gulf other than Plaquemines, La.
He said that, despite reports to the contrary, BP has not resisted attempts at tightening safety regulations.
Rosneft said it would have two BP representatives on its board and that it would "benefit from BP's significant experience and successful track-record of applying best international practices in Russia".
Thad Allen, the government's point man in the region, said BP has determined there are three sections of drill pipe that need to be removed -- a main pipe and two shorter ones.
Halliburton said that the report "accurately places responsibility on BP as the well owner for its operational decisions, " which included using a heavy fluid designed to keep gas from entering the well, called drilling mud, that was "too light" and probably mixed with the cement at the bottom of the well, and drilling too narrow a well.
"I think BP should have done that out of basic humanity, " she said.
"Clearly, when it's rising, that's a signal, " one BP executive said.
"From Florida to Seattle, Washington, from Hawaii to New York, all over California and many, many states across the country, people will be taking to the streets over the next week to demand that the assets of BP be seized now, " said Richard Becker, a member of the San Francisco chapter of the group.
In Washington, White House officials Thursday said they believe they have the legal authority to demand that BP subsidize the wages of U.S. workers idled because of the administration's moratorium on deepwater oil drilling in the Gulf.
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