Houston Chronicle BP Plc handed more power to a new generation of executives, announcing that Chief Financial Officer Brian Gilvary will join his boss Bob Dudley in retiring this year. Murray Auchincloss, currently the finance chief of BP’s oil and gas production division, will succeed Gilvary. The energy giant already announced last year that Bernard Looney, who runs that unit,
Reuters LONDON- Premier Oil is set to buy North Sea assets from BP and increase its stake in the Tolmount gas project, funded by a $500 million rights issue, but faces opposition from hedge fund ARCM, which vowed to fight the plans. Shares in UK-based Premier surged as much as 19% after it said on Tuesday that it plans to
Houston Chronicle A bevy of Big Oil majors are making new commitments to developing oil and gas projects in West Africa, specifically in Senegal, Mauritania and Angola. The British energy major BP said its three-well exploration campaign offshore of Senegal and Mauritania has proven successful, confirming the world-class scale of natural gas resources. Likewise, a consortium led by the French
Reuters LONDON (Reuters) – An activist group is increasing the pressure on five big U.S. and European oil companies with shareholder resolutions urging them to meet the Paris climate goals and cut carbon emissions. Dutch group Follow This is targeting U.S. giants ExxonMobil, Chevron and their European rivals Royal Dutch Shell, BP and Equinor with climate resolutions ahead of next
Reuters Tougher rules on sulphur emissions from ships will come into effect next year in the biggest shake-up for the oil and shipping industries for decades. IMO 2020 From January 2020, United Nations shipping agency the International Maritime Organization (IMO) will ban ships from using fuels with a sulphur content above 0.5%, compared with 3.5% now. The regulations are aimed
Reuters LONDON – BP (BP.L) is increasing its stake in solar energy developer Lightsource BP to 50% from 43% and is aiming for rapid growth over the next few years, the two companies said on Thursday. European oil companies like BP have been stepping up investment in renewable power to diversify their businesses in the face of global moves toward
Reuters: Abu Dhabi National Oil Co aims to exhaust its vast oil and gas reserves even as many consumers switch to cleaner sources of energy, a senior executive in the Gulf oil company said. The world’s transition away from fossil fuel in an effort to slash greenhouse gas emissions is expected to accelerate in coming decades, leaving many oil companies
Source: Reuters LONDON (Reuters) – Darkening clouds over the global economy have led two of the world’s top oil firms to warn investors that promised growth in returns could be at risk for the first time since the 2014 oil downturn. Both BP and Royal Dutch Shell, which account for nearly 15% of the FTSE’s total dividends, signaled this week
Source: Reuters LONDON (Reuters) – BP has yet to decide whether to boost its dividend by the end of the year, it said on Wednesday, after its shares fell sharply on the previous day on fears it would defer a decision to 2020. BP reported a 40% drop in third-quarter profits on Tuesday due to lower oil and gas prices,
Reuters Former Exxon Mobil Corp Chief Executive Rex Tillerson is expected to take the stand on Wednesday in a closely watched civil lawsuit accusing the company of hiding the true cost of climate change from investors. The case in Manhattan state court, which kicked off last week, is the first of several lawsuits pending against major oil companies related to
Source: Houston Chronicle BP Plc reported profit that beat analyst estimates as a strong refining performance offset the effect of lower oil and natural gas prices, and bad weather that curbed production. The positive result will please investors expecting a gloomy third quarter for Big Oil. Crude prices have fallen as the U.S.-China trade war stokes demand concerns, while American
Source: Houston Chronicle The British energy major BP said Thursday it will build a new pilot plant for recycling plastics at its refining complex in Illinois. The $25 million pilot plant, which is expected to be completed next year, would test BP’s new “Infinia” technology to transform currently un-recyclable plastics into new plastic feedstock. The technology specifically would recycle polyethylene terephthalate,
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