Oil giant BP today reported profits of US$5.1bn (£3.2bn) in the three months to September, compared with $1.8bn (£1.3bn) for the same period last year.

BP boss Bob Dudley said today that the embattled oil giant had reached a "definite turning point" following last year’s Gulf of Mexico disaster as he revealed the boost to third-quarter profits.

BP reported replacement cost profit of $5.14bn  (£3.2bn) for the three months to September, compared with $1.8bn  (£1.1bn) in the same period last year when BP was hit by heavy charges for cleaning up the Gulf spillage.

BP said oil production over the quarter fell by 12% to 3.319 million barrels due to the suspension of production in the Gulf, though BP expects production to be higher in the current quarter.

Mr Dudley has been under pressure following the collapse of a deal with Russian group Rosneft to explore in the Arctic region, but today unveiled an increase in the company’s divestment programme from $30bn (£18.8bn) to $45bn (£28.1bn).