BP has decided to abandon its stake in Russia’s state-owned oil giant Rosneft in response to Moscow’s invasion of Ukraine, in a move that will have huge financial consequences for the UK firm. Rosneft accounts for around half of BP's oil and gas reserves and a...
BP today revealed an annual profit return of almost US$13 billion for 2021, but faces continuing calls from UK politicians for a windfall tax on fossil fuel producers as consumer energy bills are set to rise by an average 54% in April. The oil giant said...
BP and Germany's EnBW have submitted a joint bid for the opportunity to build about 2.9GW of wind power capacity off the coast of Scotland. The London-based oil and gas giant said the bid with EnBW represents a potential £10 billion investment into Scottish offshore wind projects,...
In a bid to become a net zero carbon company by 2035, Indian multinational conglomerate Reliance Industries will invest US$10.1 billion in clean energy over the next three years. Reliance, which gets 60% of its revenue from oil refining and petrochemicals, will spend 600 billion rupees...
BP has unveiled plans for what it deems the ‘UK’s largest’ hydrogen project, and one that would make a significant contribution to the UK government’s production targets. The proposed H2 Teesside facility, located in the Northeast of the country, would produce up to 1GW of ‘blue...
Lightsource BP has signed a power purchase agreement (PPA) with electricity company Snowy Hydro that will see it supply renewable energy to 88 BP service stations across the Australian state of New South Wales (NSW). The clean power will be derived from a 107MW solar farm...
BP has cut its oil exploration team to less than 100 from a peak of more than 700 a few years ago, in the clearest sign yet of the company’s rapid shift away from fossil fuels under CEO Bernard Looney. “The winds have turned very chilly...
BP has bounced back from a record US$6.7 billion loss in the second quarter of the year to make $100 million in profit in the third quarter, as oil companies begin to recover from the impact of the COVID-19 pandemic. The British company’s latest financial results...
BP has declared that global oil demand may never exceed the level reached in 2019, following the impact of the COVID-19 pandemic this year and an acceleration in the green energy transition. In its annual Energy Outlook report, BP said that ‘peak oil’ may have been...
Saudi Aramco has reported a 73% plunge in profit for the second quarter of 2020, when the COVID-19 pandemic precipitated a collapse in demand for oil as economies around the world went into lockdown. However, the Saudi state-owned energy giant maintains it will pay out US$75...