Reuters LONDON/BRUSSELS – Oil major BP BP.L has lobbied for the EU to support natural gas, a move that exposes divergent views among investors and reflects a wider European dispute about the role of the fossil fuel in the transition to a lower-carbon world. The European Commission – aiming to reach net-zero greenhouse gas emissions by 2050 – had planned to
Reuters LONDON – BP said on Monday it will remain a member of the American Petroleum Institute (API) after the largest U.S. oil and gas trade lobby group addressed some differences with the British energy company over climate change. BP, which plans to sharply cut its oil output and boost its renewable energy capacity over the next decade, said in
CNBC LONDON — British energy major BP on Tuesday reported better-than-expected earnings for the first quarter, following a period of stronger commodity prices and a brighter demand outlook. It comes as oil and gas majors seek to prove to investors that they have gained a more stable footing amid the ongoing coronavirus crisis. BP’s first-quarter underlying replacement cost profit, used as a proxy
Reuters LONDON/WASHINGTON – BP has applied to supply U.S. residential customers with electricity generated from wind, solar and natural gas, betting on a rapid growth in power demand as economies shift away from fossil fuels to battle climate change. BP wants to supply electricity in California, Illinois, Ohio, Pennsylvania and Texas in its first foray into the retail power business,
Reuters LONDON – Energy group BP aims to build Britain’s largest hydrogen plant by 2030, it said on Thursday, as part of the country’s push to boost use of the fuel and cut greenhouse gas emissions. The Teesside plant in northern England will have capacity of up to 1 gigawatt (GW) of so-called blue hydrogen, about a fifth of Britain’s
Reuters LONDON – BP’s trading arm made nearly $4 billion in 2020, according to a copy of an internal BP presentation seen by Reuters, almost equalling the record trading profit in 2019 despite the collapse in oil demand caused by the pandemic. Trading revenue for majors such as BP and rival Royal Dutch/Shell shielded them from the full impact of
CNBC Canada-based geothermal company Eavor Technologies on Tuesday announced a $40 million funding round that included participation from BP Ventures and Chevron Technology Ventures as big oil companies increase investments in renewable energy. Geothermal power is renewable energy produced from underground heat. The U.S. Department of Energy calls geothermal a “vital clean energy resource,” noting that it emits little to
Reuters LONDON – BP plunged to a $5.7 billion loss last year, its first in a decade, as the pandemic took a heavy toll on oil demand, and the energy company warned of a tough start to 2021 amid widespread travel restrictions. Despite the weak environment, however, CEO Bernard Looney told Reuters the company’s transition to a greener future remained
Reuters LONDON – Nothing escapes the winds of change now sweeping through BP, not even the exploration team that for more than a century powered its profits by discovering billions of barrels of oil. Its geologists, engineers and scientists have been cut to less than 100 from a peak of more than 700 a few years ago, company sources told
Reuters NEW YORK – BP Plc has given the operator of a Caribbean refinery more time to fully restart and retain its crude oil supply agreement after the plant failed to hit operating targets last year, according to people familiar with the matter. Last month, BP threatened to walk away from a 2018 agreement to supply up to 200,000 barrels
Reuters MELBOURNE – BP Plc said on Tuesday it has found no oil or gas at its Ironbark-1 exploration well off Western Australia, in what had been seen as a multi-trillion cubic feet gas prospect. The result marked a big disappointment for BP’s partners in the prospect, which had been seen as a potential gas supplier to the North West
Reuters LONDON – BP has acquired a majority stake in the largest U.S. carbon offset developer, Finite Carbon, the oil major said on Wednesday, as part of its climate goals and to develop a new revenue stream. BP and other European-listed oil and gas peers such as Royal Dutch Shell are betting on an expected rise in carbon credit prices
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