This file photo taken on January 21, 2015 shows branding on the walls at the headquarters of BP (British Petroleum) in Aberdeen, Scotland on January 21, 2015. AFP / Andy BUCHANAN
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British energy major BP Tuesday logged a modest increase in third-quarter net profit, energized by a recovery in the global price of oil.BP said in a statement that bottom-line net profit rose by nine percent to $1.769 billion in the three months to September.Oil and gas production rose to an average of 3.6 million barrels of oil per day during the third quarter after it launched a number of new projects.And BP also announced a share buyback scheme for the fourth quarter, sending its share price rallying.Investors welcomed the quarterly figures, with BP's shares showing a gain of 1.7 percent at 510.30 pence in afternoon deals on the London stock exchange, outpacing the overall market which was up 0.1 percent.
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