British Petroleum (BP) said it generated profits totaling 15.1 billion pounds (23.9 billion U.S. dollars) for 2011, the first turnround to profits following the Gulf of Mexico oil spill, the company said on Tuesday.

According to the BP's year-end result for 2011 released on Tuesday, the oil giant's profits for the fourth quarter of last year rose to 4.9 billion pounds, which was more than forecasted and a 38 percent increase on a year earlier.

BP announced that it has raised its dividend to shareholders by 14 percent, also the first increase since the oil spill.

BP's profits were boosted by the price of oil which has remained at relatively high levels of about 100 dollars a barrel throughout the final three months of 2011.

Separately on Tuesday, BP's chief executive, Bob Dudley, told Reuters that the company was set to begin a new project in the Gulf of Mexico.

BP is asking contractor Halliburton to pay for all costs and damages that arose from the Gulf of Mexico spill. The trial between BP and its contractor Halliburton is expected within weeks.

BP has so far paid out 8.8 billion dollars in damages claims, said BBC.