BP

BP's annual energy outlook revises oil demand peak to 2030 at 103 mn bpd, citing India and emerging Asia as drivers even as renewables gain share in global energy mix

The vessel was supposed to load ultra low sulphur diesel on July 21 with the cargo bound for Africa

Shell's denial of BP takeover reports has triggered a UK rule barring it from making an offer for at least six months

BP is under intense pressure after years of under-performance and the intervention of aggressive activist shareholder Elliott Investment Management

Lund had backed BP's 2020 strategy under former CEO Bernard Looney to move away from oil and gas, including an ambition to cut its hydrocarbon output by 40 per cent this decade

London-listed BP is planning asset sales and partnerships as part of a broader plan to address investor concerns. The energy group wants to cut costs and improve its return on investments

The oil major slashed planned annual investment in transition businesses by more than $5 billion than its previous forecast, to between $1.5 billion and $2 billion per year

A sale of the business is one of the many options BP is considering to win back investor confidence after years of under performance

BP CEO Auchincloss last year vowed to reduce the British company's costs by at least $2 billion by the end of 2026 as part of his drive to boost returns amid investor concerns

With about 8.3 million people, New York City said the companies falsely portrayed themselves in ads and social media as climate change leaders despite minimal investments in clean energy

As Technical services provider, BP has promised to raise output by 60% at India's largest oilfield

The field reached a peak production level of 471,000 barrels per day of oil in March 1985, and its output had declined to about 134,000 bpd in April 2024, according to the tender document floated

Reliance Industries Ltd is seeking a premium of at least USD 3.5 per barrel over an international benchmark for crude oil it produces for eastern offshore KG-D6 block, according to the tender the firm put out on Monday. Reliance and its partner BP of the UK sought bids from domestic refiners for sale of 17,600 barrels (2,800 kilolitres) of crude oil every month from April 2025 to February 2026. The crude oil has been priced at daily average price of Nigerian Bonny Light grade of crude oil plus USD 1.5 per barrel quality premium. Bidders have to quote a premium over this price, the tender document said. Bonny Light last traded for USD 73.5 per barrel. On top of this, USD 1.5 per barrel is added as a composite premium "reflecting quality differential", it said, adding that interested buyers are required to a "biddable premium, up to one decimal place and greater than USD 2 per barrel". The sale period can be extended by three months to one year on the same terms and conditions, ...

BP's retreat from offshore wind reflects a similar trend at rivals Shell and Equinor, which are trying to boost near-term profits by spending more on higher-return oil and gas operations

The decline was smaller than expected amid a slowdown in global economic activity and oil demand, particularly in China

The company has faced pressure from shareholders over its energy transition strategy, first launched in 2020, as renewables profit thinned while margins from oil and gas rose

Global supermajor BP Plc's exclusivity with Reliance Industries Ltd has ended but the energy giant will continue to pursue oil and gas as well as mobility ventures in India with the Mukesh Ambani firm owing to an unwritten strategic partnership, BP's outgoing India head Sashi Mukundan said. BP in 2011 spent USD 7.2 billion to acquire 30 per cent interest in 23 oil and gas blocks of Reliance. Eastern offshore KG-D6 block was the cornerstone of the deal that also provided for a 10-year exclusivity period which meant that BP would take up energy projects or investments in India only in partnership with Reliance. The firm has so far invested more than USD 12 billion across the energy value chain including bringing on stream three new deepwater natural gas projects in KG-D6 that account for one-third of India's gas production. "We started working with Reliance as early as 2005 when first (the then BP CEO) Lord John Browne visited India," Mukundan said. It finally fructified in the 2011

BP on Tuesday announced the appointment of Kartikeya Dube as the new India head, replacing long-time executive Sashi Mukundan who is retiring. In a statement, the company said Dube has been appointed Head of Country (HoC) and senior vice president (gas and low carbon) for India with effect from July 1, 2024. "Sashi Mukundan, who has been with bp for over 42 years, of which 15 were spent leading bp in India, will be retiring and will ensure a seamless transition to Kartikeya," it said. In the last 20 plus years that he has spent with BP, Dube held senior roles in finance, commercial and business transformation in India, Singapore and the UK. Last year, he took the role of vice president, group investor relations in BP's head office in London driving investor engagement. Previously, he was closely involved with setting up the BP joint ventures with Reliance Industries Ltd in India. From 2020 until 2023, he was the CFO for Jio-bp (the mobility joint venture of BP and Reliance). "Now

NewMed said all parties had agreed to pause negotiations, although Abu Dhabi National Oil Co (ADNOC) and BP have reaffirmed their interest in the deal

The company's shares were around 5% higher by 1020 GMT on Tuesday following the unexpected acceleration of the buyback programme