BP, the second-largest European oil company, is safer and stronger more than two years after a blowout at a Gulf of Mexico oil well caused the worst offshore oil spill in US history, the company’s chief executive officer said.

“We alone stepped up from the outset, acknowledging our role, waiving the liability cap and committing ourselves to help restore the environment and economy of the Gulf Coast region,” Robert Dudley said in a speech at the IHS CERAWeek conference in Houston.

“We are honouring our commitments.”

Dudley, who took the helm six months after BP’s Macondo well disaster in April 2010, has sought more profitable opportunities to help reverse production losses stemming from $38 billion in asset sales used to help pay legal claims. – (Bloomberg)