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...
BP has cut its prized investor dividend in half after reporting a record US$6.7 billion loss in the second quarter of the year, when the COVID-19 pandemic destroyed fuel demand and oil prices. On Tuesday, the British oil major announced that it will "reset" its shareholder...
Oil prices built by more than 2% on Monday based on confidence in OPEC+ members complying with a record production cuts agreement and reported signs of rising oil demand. However, the gains were tempered by lingering fears of a fresh wave of COVID-19 infections as lockdown...
BP has informed its staff that 10,000 jobs will be cut following the crash in oil prices earlier this year and as the company prepares for the energy transition towards lower carbon emissions. The oil giant will let go of 14% of its workforce, mostly those...
BP said yesterday it had amended financial terms of the US$5.6 billion sale of its Alaska business to privately owned Hilcorp Energy following the collapse in oil prices due to the COVID-19 outbreak. The original sale price will not be changed under the new terms, but...