BP is the largest shareholder in the first deep water exploration well to be given the go-ahead in the US since the Deepwater Horizon disaster last year, showing how the company could have a future in the Gulf of Mexico even after last year’s spill.

By acting as a non-operating partner, BP has been able within a year of the disaster to restart its development in the gulf, where it holds more leases than any other company, and has two large discoveries to develop and more prospects to explore.