It is rare for companies to suspend development of projects underway. Rival BP last week said it is pausing two biofuel projects in Germany and the United States
Looney, 53, will be replaced on a interim basis by Chief Financial Officer Murray Auchincloss
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 net income, missed expectations of $3.5 billion
Announces further $2.75 bn in share buybacks; annual profit more than doubles to a record $28 bn
The surprise move from the British company is the latest sign of how far Western powers are willing to go to punish President Vladimir Putin for his invasion of Ukraine
BP has 49% stake in the joint venture
The global energy supermajor on Thursday said it is about to open its first 'Jio-bp' branded petrol pump
Reliance-BP in November 2019 auctioned initial gas from the R-Series field at a biddable percentage of Brent crude oil price
Centre is expected to start by next Jan; will assume operational ownership of third-party business processes and look to further extend its work with analytics and data science capabilities
Hong Kong Disneyland reopens June 18, top US Fitness chain files for bankruptcy, and other Covid-19 related news from across the globe
Out of the total 6,802 fuel retail outlets run by private sector companies in India, around 20.5 per cent or 1,400 are currently with the RIL
London-based BP's total earnings for 2017 were $6.2 billion, more than double that of a year ago
After almost two years of negotiations to improve terms to help operate the United Arab Emirates' biggest oilfields
The money is to be paid out over roughly 16 years
RIL, BP and their partner Canada's Niko Resources had in May 2014 filed an arbitration seeking implementation of higher gas prices for the flagging KG-D6 block