Tag Archives: British Petroleum Co. (BP)

Rome-based Eni SpA and London-based BP PLC on Wednesday announced a new gas discovery in the Great Nooros area, located in the Abu Madi west development lease, offshore Egypt. Eni, through its subsidiary IEOC, holds a 75% stake in the license of Abu Madi, while BP holds the remaining 25% …

BP and Microsoft Corp. have agreed to collaborate as strategic partners to further digital transformation in energy systems and advance the net zero carbon goals of both companies. This includes a co-innovation effort focused on digital solutions, the continued use of Microsoft Azure as a cloud-based solution for BP infrastructure …

Demand for oil may never fully recover from the dramatic fall triggered by the coronavirus crisis, a report by energy giant BP has concluded. The prediction that peak oil demand may already have passed is made in the latest edition of the closely-watched Energy Report Outlook by BP. This considers …

BP Plc said the relentless growth of oil demand is over, becoming the first supermajor to call the end of an era many thought would last another decade or more. Oil consumption may never return to levels seen before the coronavirus crisis took hold, BP said in a report on …

BP will sell oil and gas assets to fund its ambitious low-carbon strategy even if prices improve, three unnamed sources told Reuters. A tenfold increase in investments in low carbon businesses to some $5 billion annually is among BP’s new strategic priorities for the next ten years as the supermajor …

The dramatic reductions in asset valuations and decline in output show the depth of the pain in the second quarter. Fuel demand at one point was down by more than 30% worldwide, and still remains below pre-pandemic levels. Several executives said they took massive writedowns because they expect demand to …

In February, BP announced a pledge to (mostly) reach net-zero CO¬2¬ emissions by 2050, a noteworthy change of course steered by new CEO Bernard Looney. BP had long dabbled in promoting an interest in greener pursuits, but these promises pointed toward a more serious shift. On Monday, the company released …

In the late 1990s, BP Plc boss John Browne used an oil-price slump to usher in the age of the supermajor, buying U.S. rivals Amoco and Arco to create a transatlantic giant. He kicked off a round of mergers that saw his company and four others dominate the industry — …

The new gas discovery off Egypt’s Mediterranean coast could produce up to 32 million standard cubic feet per day, Petroleum Minister Tarek El-Molla said on Tuesday after tests were conducted. Earlier this month, Eni, along with contractors BP and Total, successfully drilled the first exploration well in the North El-Hammad …

China’s cooling demand is continuing to wreak havoc on the physical oil market in Asia, with Iraq’s prized Basrah Light crude sold at a discount to its official selling price for the first time since 2017. BP Plc and China National United Oil Corp. both sold prompt cargoes of the …