BP’s profits in the third quarter took a significant hit after taking a one-off US$2.6 billion charge linked to asset sales, however outgoing chief executive Bob Dudley said underlying cash flow and earnings remained strong in the period. The $2.6 billion charge resulted in a $700...
BP is on the brink of a new era after long-standing chief executive Bob Dudley announced he would be stepping down from the role, to be replaced by the oil major’s current head of exploration and production Bernard Looney. Since taking the top job in the...
BP has predicted that demand for oil will peak in the 2030s, with electric vehicles set to capture a third of the global car market by 2040. The British oil major released its annual Energy Outlook, delivering numerous forecasts through 2040 including the arrival at a...
BP (LSE:BP) has added to the resurgent mood in the global oil and gas industry by revealing its Q3 2017 earnings have doubled, coinciding with a two year high in oil prices at above US$60 a barrel. Underlying replacement cost profit, the company’s definition of net...
BP (LSE:BP) has confirmed that two of its upstream gas projects in Australia and Trinidad have come online, the fourth and fifth of seven major project start-ups expected over the course of the year. First production was achieved at the Persephone project off the coast of...
BP (LSE:BP) latest financial results have exceeded analyst expectations, despite the British oil major taking a hefty hit on an unsuccessful project in Angola. Profits on a replacement cost basis fell by 5% during the second quarter of 2017 to US$684 million, from $720 million in...
BP (LSE:BP) has announced a partnership with Indian oil major Reliance Industries to invest $6 billion in India’s offshore energy industry. The joint venture’s investment aims to boost India’s gas output from an East coast block and expand production to feed the nation’s rising fuel and...
BP has made a further gas discovery in the North Damietta Offshore Concession in Egypt's East Nile Delta, its third find in the block. Located 60km North of Damietta city in Northern Egypt, the Qattameya Shallow-1 exploration well was drilled to a total depth of 1,961...
BP announced a return to marginal profits for 2016, a drastic improvement from last year’s numbers. The British oil major reported headline profit of US$115 million compared to the 2015 loss of $6 billion. The earnings impaired by Gulf of Mexico legacy charges of $4.1 billion. It...