Tag Archives: British Petroleum Co. (BP)

Companies including the venture arms of BP Plc and Chevron Corp. invested $40 million in a startup that aims to use the fossil fuel industry’s drilling experience to expand a technology that harvests low-carbon energy from heat below the earth’s surface. Eavor Technologies Inc. plans to expand geothermal power beyond …

Thanks to zero-carbon promises, wind farms are expected to overtake the number of oil rigs in British waters by 2030. Oil majors are diversifying their energy production to evolve with the times. Both BP and Total have highlighted strategies for wind energy production in the U.K., with BP investing £924 …

The Covid-19 pandemic has caused a drop in demand and prices like never before. Here’s how global oil giants are dealing with the mounting losses. Global oil giants posted massive losses in 2020, as the coronavirus pandemic brought oil and gas demand to a grinding halt and caused already-weak prices …

Russian and UK oil giants signed a strategic collaboration agreement on carbon management and sustainability activities. Rosneft and BP will also jointly evaluate new projects envisaging the use of renewables, opportunities for carbon capture, utilisation and storage, as well as developments for hydrogen. Rosneft CEO Igor Sechin said:‎ • Joint …

BP plunged to a $5.7 billion annual loss in 2020, its first in a decade, as the pandemic took a heavy toll on oil demand, with fuel consumption continuing to slide so far this year amid global travel restrictions. For the final quarter of 2020, BP reported a profit of …

As reported by Reuters, BP has relaunched the sale of stakes in a number of North Sea oilfields it agreed to sell to Premier Oil before Premier was taken over last year, industry sources said on Thursday. BP originally agreed to sell its interest in the fields in the Andrew …

Eight energy companies including BP, Shell and Total have agreed to apply a common set of “energy transition principles” across their businesses, including a commitment to industry decarbonisation. Six principles have been devised in collaboration with with investor lobby group Climate Action 100+. The eight companies comprise the three European …

BP has said it will invest heavily in Middle Eastern oil and natural-gas fields going into 2021. Despite pledging its transition to renewable energy, the company has highlighted its interest in Middle East oil and gas. At present, BP currently operates the world’s third largest oil field in Iraq, Rumalia, …

BP said it will invest more money in Middle Eastern oil and natural-gas fields even as it transitions to renewable energy and tries to lower emissions. The company is a major producer in countries such as Iraq, where it operates the world’s third-largest oil field of Rumaila, the United Arab …

BP has announced the sale of its London head office to Hong Kong investment firm Lifestyle International for £250m ($332m). The British oil giant also agreed to lease its 1 St James’s Square property in central London back from Lifestyle International for two years, saying the deal would give it …