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
Reuters Bermuda and the Bahamas aren’t exactly big players in the oil-and-gas world. They don’t produce any of the fuels at all. Yet the islands are deep wells of profit for European oil giant Royal Dutch Shell Plc. In 2018 and 2019, Shell earned more than $2.7 billion – about 7% of its total income in those years – tax-free
Reuters LONDON – BP BP.L has reappointed Daniel Wise as global head of crude in the latest reshuffle of its trading division aimed at helping the company to boost margins during a transition to low-carbon energy. Despite a broader reshuffle, BP has chosen a safe pair of hands by reappointing Wise, who helped the company to generate hundreds of millions of
Reuters LONDON – BP BP.L has started production at Oman’s giant Ghazeer natural gas field, which is set to underpin the company’s oil and gas output for years as it shifts to renewables. The London-based firm said Ghazeer, the second phase of the development of Block 61, started four months ahead of schedule. BP is in the midst of the largest
Offshore Technology Oil & Gas Publishers Note: This contract termination falls right in line with BP’s plans to morph into a renewable energy company. We covered this on our “BP Week Podcast Series”. This change is also being followed by other major oil companies. Norwegian drilling contractor Odfjell Drilling has announced that oil major BP has terminated the contract for
Reuters OSLO/LONDON – BP entered the offshore wind market on Thursday with a $1.1 billion deal to buy 50% stakes in two U.S. developments from Norway’s Equinor, a significant step by the oil firm towards its energy transition goals. The British oil and gas company has set itself a target of increasing its renewable power generation capacity 20 fold over
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