Tag Archives: British Petroleum Co. (BP)

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 …

The sale is the energy giant’s next strategic step in reinventing BP and helping it become a lower carbon company.

Italian energy major ENI, who is the Operator of the Block, BP and France’s Total as Contractor members have successfully drilled the first exploration well in the North El Hammad license, in the conventional Egyptian waters of the Nile Delta, on the prospect called Bashrush, ENI said on July 1. …

America’s biggest oil companies are coming under increasing pressure from climate-conscious investors to disclose their long-term forecasts for crude prices as the Covid-19 pandemic injects fresh uncertainty into the demand outlook for fossil fuels. Exxon Mobil Corp. and Chevron Corp. don’t publish such estimates, meaning that shareholders are less able …

BP has agreed to sell its petrochemicals business to Ineos for $5 billion, the latest in a series of asset sales by the UK oil company as it tries to refocus on cleaner energy. Ineos will pay an initial deposit of $400 million, BP said in a statement Monday. The …

BP has invested $5m in cloud-based analytics software company Satelytics through its venture capital arm, as the oil giant continues its drive to deploy a suite of methane-detecting technologies to combat climate-harming greenhouse gas leaks across its fossil gas activities. US firm Satelytics claims to collect high resolution imagery from …

Oil and gas companies have looked beyond their own sector to diversify revenue streams, most notably in power. Now they are using digital technology expertise as another way to build new revenue. Shell and BP are two leading examples. Shell estimates that digital tools will contribute to one-fifth of its …