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A massive production optimization project is under way by General Electric’s (GE) Intelligent Platforms Software that eventually would connect 4,000 of BP plc’s wells around the world.

A massive production optimization project is under way by General Electric's (GE) Intelligent Platforms Software that eventually would connect 4,000 of BP plc's wells around the world.

To improve its innovation and react more swiftly, BP plc plans to separate its U.S. onshore Lower 48 business.

With a record 10 drilling rigs now working the deepwater Gulf of Mexico (GOM), BP plc is taking aim at increasing output by one-half over the next two years, to 300,000 boe/d from the current 200,000 boe/d, CEO Bob Dudley said Tuesday.

BP plc’s request to halt some settlement payments related to the Macondo well blowout in 2010 has been rejected by the New Orleans court overseeing the multi-district litigation.

A pledge to sell $10 billion more in assets by the end of 2015 and increase its quarterly dividend excited BP plc shareholders Tuesday, sending the stock price up nearly 5% for the day.

The second phase of the multi-district litigation (MDL) against BP plc concerning the Macondo well blowout got underway Monday in New Orleans, with lawyers battling it over the amount of oil spilled into the Gulf of Mexico for 87 days beginning April 20, 2010.