Category Archives: BP

Abu Dhabi state oil company reportedly looked at buying BP

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Adnoc decided move was not right fit but it is latest sign of foreign buyers circling UK firms

Abu Dhabi’s state-owned oil company reportedly recently explored a multibillion-pound bid for BP, in a sign that depressed share values in London are making even the biggest British businesses takeover targets.

Abu Dhabi National Oil Company (Adnoc) considered options including buying BP or acquiring a large stake before deciding it was not the right fit and abandoning preliminary discussions, according to Reuters.

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UK criticised over apparent call to firms to rebuild disputed areas of Azerbaijan

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Officials held online meeting with business leaders despite flight of ethnic Armenians after military takeover of Nagorno-Karabakh

The UK government faces criticism after officials appeared to urge British businesses to help rebuild disputed areas of Azerbaijan just weeks after the state’s military takeover of Nagorno-Karabakh led more than 100,000 ethnic Armenians to flee the region.

Officials from the UK Foreign Office and the business department held an online meeting with British business leaders in November to encourage companies to take advantage of the “great opportunity” to support Azerbaijan president Ilham Aliyev’s rebuilding agenda.

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More than 100 container ships rerouted from Suez canal to avoid Houthi attacks

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Cape of Good Hope diversion adds 6,000 nautical miles and three or four weeks to delivery times and has driven up oil prices

More than 100 container ships have been rerouted around southern Africa to avoid the Suez canal, in a sign of the disruption to global trade caused by Houthi rebels attacking vessels on the western coast of Yemen.

The shipping company Kuehne and Nagel said it had identified 103 ships that had already changed course, with more expected to go around South Africa’s Cape of Good Hope.

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BP halts oil and gas shipments through Red Sea after rebel attacks

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Energy company follows decisions by five big shipping firms as Houthi militants step up attacks on vessels

BP has halted all shipments of oil and gas through the Red Sea after an increase in the number of attacks on cargo ships by Houthi militants in Yemen, including a strike on a Norwegian-owned vessel.

The British oil company said on Tuesday that it had paused shipping in the region indefinitely, citing a “deteriorating security situation” amid tensions in the Middle East.

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Greens say CSIRO’s independence must be protected after alleged collaboration with BP

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Exclusive: Australian scientific agency rejects ‘ghostwriting’ claims made by US law firm representing victims of Deepwater Horizon oil spill

The Greens have warned that fossil fuel companies must not be allowed to “gag scientists” after lawyers representing victims of the Deepwater Horizon oil spill claimed to have uncovered evidence of the Australian government’s independent science agency collaborating with BP on academic studies.

The Downs Law Group has said documents it received as part of litigation against BP reveal the oil company’s lawyers reviewed and gave corporate approval to nine scientific studies by CSIRO employees, raising questions about the studies’ impartiality.

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“[W]e do not have a revised final with CSIRO authors”

“Planned for December. Approved?”

“Appear to be other papers that CSIRO is drafting and I will need confirmation they are indeed under way so I can track them and make sure they go through the review process”

“CSIRO paper from last year which made it through the review process and was approved”

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Energy bosses at No 10 summit warn investor confidence is waning

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Chiefs say UK’s troubled economy and political uncertainty is dampening enthusiasm for clean energy rollout

The bosses behind Britain’s multibillion-pound clean energy rollout have warned the government that the UK’s difficult economic circumstances and political uncertainty have taken a toll on investor confidence.

About 20 industry bosses representing companies from across the sector attended a summit at No 10 to discuss their plans to invest more than £100bn in the UK economy.

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C of E divests of fossil fuels as oil and gas firms ditch climate pledges

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Church pension and endowment funds shed holdings after U-turns by BP and Shell

The Church of England is divesting from fossil fuels in its multibillion pound endowment and pension funds over climate concerns and recent U-turns by oil and gas companies.

The church said it was abandoning oil and gas companies and all firms primarily engaged in the exploration, production and refining of oil or gas by the end of 2023, unless they were in genuine alignment with a 1.5C reduction pathway.

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Bumper BP profits reignite debate over tougher windfall tax

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Oil and gas company beats analysts’ forecasts as its profits reach $5bn in the first three months of the year

BP has beaten City forecasts to post one of the largest first-quarter profits in its history despite an easing in energy prices, reigniting a debate over windfall gains by oil and gas firms.

The energy company said its underlying profits reached $5bn (£4bn) in the first three months of the year, outstripping analysts’ forecasts of $4.3bn.

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BP boss could be in line for special bonus of up to £11.4m

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Firm set for clash with investors over possible payout to Bernard Looney from three-year share award plan

BP is set for a clash with investors after it emerged that its chief executive could be in line for a special bonus of up to £11.4m. The payment, in shares, would be on top of his £1.38m salary and annual bonus for 2022.

Strong growth in BP’s share price means Bernard Looney is set for a multimillion-pound payout from a three-year share award plan set up in 2020, when countries around the world were in lockdown and the company was cutting jobs amid a global collapse in demand for oil.

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British Museum hints at ‘complete reimagination’ and a net zero carbon future

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Chair of the museum, George Osborne, says it no longer wants to be a ‘destination for climate protest’

The future for the British Museum could be very different indeed. That was the message from the organisation’s chair George Osborne in his annual speech to Trustees last month, in which he announced a “complete reimagination” of the museum, under a billion-pound masterplan that will be revealed next year.

Among the hints of potential loans of its exhibits, leading to further speculation over the Parthenon marbles, was one explicit promise on energy. “Our goal is to be a net zero carbon museum,” said Osborne, “no longer a destination for climate protest but instead an example of climate solution”.

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BP shares in Kremlin oil firm are ‘blood money’, says Zelenskiy adviser

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British oil giant had said it would ‘exit Russia’ but still owns nearly 20% of state-controlled fossil fuel firm Rosneft

The chief economic adviser to the Ukrainian president, Volodymyr Zelenskiy, has called on BP to exit Russia entirely after the fossil fuel firm was offered a £580m dividend by the oil giant Rosneft.

Oleg Ustenko has written to BP’s chief executive, Bernard Looney, to demand the British company cuts ties with the state-controlled Russian firm nine months after announcing its intention to leave the country.

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British Museum urged to drop BP sponsor deal for Egypt exhibition

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Brian Eno, Ahdaf Soueif and Miriam Margolyes sign open letter about exhibition opening shortly before Cop27

Campaigners including the musician Brian Eno, the author Ahdaf Soueif and the actor Miriam Margolyes have criticised BP’s sponsorship of an exhibition of Egyptian artefacts at the British Museum.

The exhibition opens shortly before the critical Cop27 climate summit in the Egyptian resort of Sharm el Sheikh this November.

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Revealed: BP’s ‘greenwashing’ social media ads as anger over fuel costs rose

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Oil company spent £800,000 on social media influence ads after Labour proposed windfall tax

BP has spent more than £800,000 on social media influence ads in the UK this year that champion the company’s investments in green energy, it can be revealed.

On Tuesday, BP announced a 14-year high profit of £7bn for the second quarter of this year. In the previous eight days, the company paid about £570,000 to Facebook and Instagram for influence ads that reached tens of millions of viewers in the UK.

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Boris Johnson says windfall tax ‘not the right thing’ but refuses to rule out U-turn

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The prime minister claimed ‘these kinds of taxes’ deterred investment, contrary to BP boss saying it would not

Boris Johnson has refused to rule out the introduction of a windfall tax which would help to relieve pressure on the cost of living crisis.

Speaking to LBC’s Nick Ferrari, Johnson said that while he believed a disadvantage of windfall tax would be the impact it would have on investment, the prospect of such a taxwas still something to be looked at.

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BP profits soar to $6.2bn amid calls for energy windfall tax

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Company beats forecasts thanks to high oil and gas prices but is hit by offloading its stake in Russia’s Rosneft

BP’s profits more than doubled to $6.2bn (£5bn) in the first three months of the year, boosted by soaring oil and gas prices.

It was well ahead of the $4.5bn of expected by analysts and is likely to revive calls for a windfall tax on oil and gas companies from Labour and the Liberal Democrats, who argue the money raised could be used to ease the burden for those hardest hit by the cost of living costs.

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Climate and heritage experts call on British Museum to end BP sponsorship

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Culture Unstained put together submission stating oil company ‘falls short’ in response to climate crisis

A group of climate scientists, archaeologists and those familiar with the museum industry have written to the British Museum’s board of trustees to urge them to sever a sponsorship deal with BP, arguing that it goes against the museum’s own policies and that a renewal would damage its reputation.

The submission, put together by the group Culture Unstained, is part of an escalating campaign against the oil firm’s sponsorship of the museum, which is expected to make a decision about renewing the deal imminently.

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Shell to exit joint ventures with Gazprom and pull out of Nord Stream 2

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Decisive move to end tie-up with Russian state gas firm follows BP pledge to sell its 20% Rosneft stake

Shell is to exit its joint ventures with Russian state energy firm Gazprom, a day after BP said it would offload its 20% stake in Kremlin-owned oil firm Rosneft, as British businesses scrambled to distance themselves from Vladimir Putin.

The oil company said it would “exit its joint ventures with Gazprom and related entities”, which are worth about $3bn.

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Shell and BP paid zero tax on North Sea gas and oil for three years

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Firms defend paying no corporation tax after government handed out billions to energy giants

Shell and BP, which together produce more than 1.7bn tonnes of greenhouse gases a year, have not paid any corporation tax on oil and gas production in the North Sea for the last three years, company filings reveal.

The oil giants, which have an annual global footprint of greenhouse gases more than five times bigger than Britain’s, are benefiting from billions of pounds of tax breaks and reliefs for oil and gas production.

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Crown gives go ahead to rival ‘net zero carbon’ North Sea schemes

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Exclusive: crown estates accused of greed in selling rights to ‘incompatible’ carbon capture and windfarm projects

A clash between two multibillion pound “net zero carbon” schemes is brewing in the North Sea after the Queen’s property manager granted development rights for one patch of seabed to two different projects at the same time.

The crown estate will earn millions of pounds after agreeing to lease an area off the Yorkshire coast to the latest phase of the giant Hornsea offshore windfarm, as well as to a scheme led by BP which plans to begin storing carbon dioxide under the seabed. This has prompted concern that the giant wind turbines could interfere with seabed sensors for the carbon storage project.

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Boris Johnson to consider using army to supply petrol stations

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Ministers to discuss emergency plan Operation Escalin after BP reveals a third of its forecourts have shortages

Hundreds of soldiers could be scrambled to deliver fuel to petrol stations running dry across the country due to panic buying and a shortage of drivers under an emergency plan expected to be considered by Boris Johnson on Monday.

The prime minister will gather senior members of the cabinet to scrutinise “Operation Escalin” after BP admitted that a third of its petrol stations had run out of the main two grades of fuel, while the Petrol Retailers Association (PRA), which represents almost 5,500 independent outlets, said 50% to 90% of its members had reported running out. It predicted that the rest would soon follow.

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