News bites: Mining industry pushing back against new rules, BP’s stock goes up and more

BP’s stock rose Monday amid a report that the administrator of the company’s $20 billion oil spill fund may only need half of the allotted money to compensate victims of the disaster.

“Shares in U.K.-listed oil giant BP PLC rose almost 5% Tuesday morning following reports that compensation payouts for the Gulf oil spill may be much lower than expected and continuing rumors that the company is a takeover target,” The Wall Street Journal says.

“After having one of the worst years in its history in 2010 because of the huge oil spill in the Gulf of Mexico, BP shares soared on the first trading day of 2011, adding £4.3 billion ($6.65 billion) to the company’s market value.”

The increase in stock price also comes amid reports that Shell rejected a bid to buy BP in the aftermath of the spill.

And the National Transportation Safety Board is calling on Pacific Gas and Electric to review its records following the September explosion of one of the company’s natural gas pipelines that killed eight people.

“Federal investigators probing the deadly San Bruno explosion issued an urgent call Monday for Pacific Gas and Electric Co. to dig through its records to make sure it knows the condition of its gas pipelines, and for California regulators to ensure the utility is following safety rules,” the San Francisco Chronicle reports.