BP is to spend $1bn (£636.8m) on making hundreds of job cuts over the next year in response to the continued slump in global oil prices.
The dramatic effect of falling oil prices on profits in the energy sector will be underlined this week as BP unveils third quarter earnings that could be as much as 20% lower than the same period last year.
BP has reawakened hopes for the continuing potential of the North Sea by making a significant oil strike that industry experts believe could yield about 50 million barrels.
BP is facing increased pressure over its sponsorship of the arts following protests this week over its patronage of the Royal Opera House and a legal row around its support for the Tate galleries.
Royal Bank of Scotland has drawn up plans to shift its head office from Scotland – where it has been based since 1727 – in the event that next week's referendum backs a break away from the rest of the UK.
BP, one of the North Sea's biggest investors, has urged Scotland to vote against independence next week, arguing that oil wealth would best be protected by remaining inside the UK.
A Louisiana federal court lambasted BP for the massive 2010 oil spill in the U.S. Gulf Coast on Thursday, saying the incident was a combination of "gross negligence" and "reckless" conduct by the oil giantand other oil producers - a judgement the company strongly rejected.
The shakeup at the top of the Bank of England under its new governor, Mark Carney, is continuing with news that the former chief economist Spencer Dale is leaving to join BP.
In a week when BP's involvement in Russia once again raised concern among investors, the City can draw consolation from the fact that chief executive Bob Dudley is a veteran of the country's perilous politics.
BP has warned investors that its finances and corporate image could be hurt by western sanctions against Russia.
Tony Hayward's appointment as chairman of Glencore Xstrata is causing controversy in the City, with some investors ready to demand meetings with top officials from the commodities conglomerate.
BP and Shell have been forced on the defensive by new allegations of price-rigging made in a US lawsuit brought by four oil traders.
BP has become embroiled in an acrimonious slanging match with one of the US Gulf states most affected by pollution from the Deepwater Horizon blowout in 2010 with the two sides trading blows over the oil company's cleanup record.