Bp

BP Chair Helge Lund to step down by 2026 as search for successor begins

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

BP seeks to sell 50% of solar unit to strategic partner, bids due in June

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

BP turns back to fossils, to increase annual oil, gas investment to $10 bn

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

BP weighs potential sale of Castrol Lubricants unit amid Elliott push

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 cuts over 5% of workforce in CEO Murray Auchincloss' cost-cutting plan

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

NYC lawsuit against Exxon, BP, Shell over climate change dismissed

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

London-based BP wins ONGC contract to boost Mumbai High production

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

ONGC joins hands with BP to boost oil and gas production in largest field

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 seeks premium of at least $3.5 per barrel for oil from KG block

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 forms offshore wind JV with Japan's JERA in renewables retreat

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

BP profit slumps to $2.3 bn on weak refining margins, oil trading results

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

BP weighing sale of minority stake in offshore wind business: Report

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

BP to continue with Ambani firm even after exclusivity with Reliance ends

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 appoints Kartikeya Dube as India head, to replace Mukundan from July 1

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

BP, ADNOC suspend $2 bn deal to acquire 50% stake in Israel's NewMed

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

BP beats forecast with $3 billion quarterly profit, boosts buybacks

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

BP's $3.3 billion profit misses forecast on weak gas, dividend unchanged

The British company maintained its dividend at 7.27 cents per share and extended its $1.5 billion share buyback programme over the next three months, leaving its payout policy unchanged

BP's US prez David Lawler quits just weeks after CEO Looney's resignation

The high-profile departure comes only two weeks after Looney resigned, admitting to not fully disclosing relationships with colleagues

Shift from fossil fuel to renewable energy must avoid price shock: BP chief

British energy major BP chief executive Bernard Looney on Saturday echoed India's views on energy transition being just and orderly, saying the shift from fossil-based system of energy to renewable sources has to be done in a manner so as to avoid price shocks like the ones witnessed last year. Looney said oil and gas will continue to be a source of energy for the world for "many, many decades to come" and companies and countries around the world have to continue investing in existing fossil fuels and in transition projects at the same time. Speaking at the B20 Summit India organised by CII, he said the world needs a rapid and at the same time orderly transition. Oil and gas, extracted from below ground and seabed and used to power vehicles, fly airplanes, produce power and used in several industries, make up for 55 per cent of the world's energy consumption. Replacing it won't happen overnight and so there is a need to continue investing in today's energy system so as to meet dema

BP's profit rises to $5 billion, but shares fell as shares buyback slows

BP's shares, however, were around 4.5% lower by 0923 GMT - compared with a drop of around 1.3% for an index of European oil companies