Vintage photo of BP's head office at Britannic House Skyscraper in London

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In response to the 2022 Russian invasion of Ukraine, BP announced that it would sell its 19.75% stake in Rosneft, although no timeline was announced. [169] At the time of BP's decision, Rosneft's activities accounted for around half of BP's oil and gas reserves and a third of its production. [170] BP's decision came after the British government expressed concern about BP's involvement in Russia. [171] [172] However, BP remained a Rosneft shareholder throughout the whole 2022 year, which caused some criticism from the Ukrainian president's office. [173] The eight Clair Ridge modules plus the bridge connecting the platforms were constructed at the Hyundai Heavy Industries (HHI) yard in South Korea. It does not recognise that our strategy, ambition and aims constitute a coherent and integrated programme of transformation for bp. In February 2020, BP announced a Joint Venture with EnBW to develop and operate 3GW off Offshore Wind capacity in the Crown Estate Leasing Round 4. [189] This is BP's first move into Britain's Offshore wind market, however, BP currently provides a range of services to the Offshore Wind sector in the UK through its subsidiary ONYX InSight who provide a range of Predictive Maintenance and Engineering Consultancy services to the sector. [190] Retail operations of motor vehicle fuels in Europe are present in the United Kingdom, France, Germany (through the Aral brand), the Netherlands, Switzerland, Italy, Austria, Poland, Greece and Turkey. [246] [247] [248]

In 1927, Burmah Oil and Royal Dutch Shell formed the joint marketing company Burmah-Shell. In 1928, APOC and Shell formed the Consolidated Petroleum Company for sale and marketing in Cyprus, South Africa and Ceylon, which in 1932 followed by a joint marketing company Shell-Mex and BP in the United Kingdom. [28] [39] In 1937, AIOC and Shell formed the Shell/D'Arcy Exploration Partners partnership to explore for oil in Nigeria. The partnership was equally owned but operated by Shell. It was later replaced by Shell-D'Arcy Petroleum Development Company and Shell-BP Petroleum Development Company (now Shell Petroleum Development Company). [40]As Bernard will explain, bp has been performing well since we began this transformation journey in 2020. And now more than 40 years after the original discovery, we have first oil from Clair Ridge, one of the largest recent investments in the UK. This is a major milestone for our Upstream business and highlights BP’s continued commitment to the North Sea region.”

BP was also challenged over its record on gas “flaring” in southern Iraq. The avoidable burning off of gas released from oilwells results in large plumes of fire and has led to dangerous levels of air pollution in the area. BP operated in Singapore until 2004 when it sold its retail network of 28 stations and LPG business to Singapore Petroleum Company (SPC). It also sold its 50% in SPC. [255] That realisation was consistent with what we were hearing from governments, customers, investors, and the markets. In the beginning of the 2000s, BP became the leading partner (and later operator) of the Baku–Tbilisi–Ceyhan pipeline project which opened a new oil transportation route from the Caspian region. [97] In 2002, BP acquired the majority of Veba Öl AG, a subsidiary of VEBA AG, and subsequently rebranded its existing stations in Germany to the Aral name. [98] As part of the deal, BP acquired also the Veba Öl's stake in Ruhr Öl joint venture. Ruhr Öl was dissolved in 2016. [99]Several thousand UK jobs supported through the commissioning phase with more than 6,000 helicopter flights through Shetland. In 1967, BP acquired chemical and plastics assets of The Distillers Company which were merged with British Hydrocarbon Chemicals to form BP Chemicals. [63] What began as a young persons’ movement spread rapidly through our institutions, the business world, and the capital markets.

Following World War II, nationalistic sentiments were on the rise in the Middle East; most notable being Iranian nationalism, and Arab Nationalism. In Iran, the AIOC and the pro-western Iranian government led by Prime Minister Ali Razmara resisted nationalist calls to revise AIOC's concession terms in Iran's favour. In March 1951, Razmara was assassinated and Mohammed Mossadeq, a nationalist, was elected as the new prime minister by the Majlis of Iran (parliament). [47] In April 1951, the Iranian government nationalised the Iranian oil industry by unanimous vote, and the National Iranian Oil Company (NIOC) was formed, displacing the AIOC. [48] [49] The AIOC withdrew its management from Iran, and Britain organised an effective worldwide embargo of Iranian oil. The British government, which owned the AIOC, contested the nationalisation at the International Court of Justice at The Hague, but its complaint was dismissed. [50] The group said 25 protesters attempted to enter the central London meeting, which was only open to BP investors, after buying individual shares in the company. Many were barred from entering after being found with banners.In February 2022, BP announced it acquired a 30% stake in the London-based company, Green Biofuels Ltd, a producer of renewable hydrogenated vegetable oil fuels that can be used as a direct replacement for diesel. [191] United States [ edit ] The headquarters of BP America in Westlake Park, Houston The Thunder Horse PDQ semi-submersible oil platform in the Thunder Horse Oil Field In the unlikely event of an emergency during our meeting, please follow instructions from our team of ushers and the Excel staff, who will lead you to safety. BP p.l.c. (formerly The British Petroleum Company p.l.c and BP Amoco p.l.c, stylised bp), is a British multinational oil and gas company headquartered in London, England. It is one of the oil and gas " supermajors" and one of the world's largest companies measured by revenues and profits. [4] It is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and extraction, refining, distribution and marketing, power generation, and trading. They are executing a strategy that your board believes should see bp successfully through the energy transition. Under John Browne, British Petroleum acquired other oil companies, transforming BP into the third largest oil company in the world. British Petroleum merged with Amoco (formerly Standard Oil of Indiana) in December 1998, becoming BP Amoco plc. [88] [89] Most Amoco stations in the United States were converted to BP's brand and corporate identity. In 2000, BP Amoco acquired Atlantic Richfield Co. (ARCO) and Burmah Castrol. [90] [91] [92] [93] Together with the acquisition of ARCO in 2000, BP became owner of a 33.5% stake in the Olympic Pipeline. Later that year, BP became an operator of the pipeline and increased its stake up to 62.5%. [94] [95]

Employees of the National Portrait Gallery and Searcys and their families, agents or anyone else connected with the competition are not permitted to enter. Further information: Anglo-Iranian Oil Company and Iraq Petroleum Company William Knox D'Arcy A BP Motor Spirit advertisement from 1922 In 1934, APOC and Gulf Oil founded the Kuwait Oil Company as an equally owned partnership. The oil concession rights were awarded to the company on 23 December 1934 and the company started drilling operations in 1936. [41] [42] In 1935, Rezā Shāh requested the international community to refer to Persia as ' Iran', which was reflected in the name change of APOC to the Anglo-Iranian Oil Company (AIOC). [43] Inside bp we have thousands of scientists, engineers, economists and all kinds of other experts with the skills the world needs to reimagine energy.In February 2023, BP reported record annual profits, on a replacement cost basis, for the year 2022. On that basis, 2022 profits were more than double than in 2021, and they were also the biggest profits in the whole 114-year long history of BP. [177] Ariel Flores, Regional President for BP’s North Sea business, said: “Safely delivering first oil from Clair Ridge, in some of the harshest conditions in the UKCS, is the result of years of planning and hard work by BP, our partners and supply chain colleagues. We are proud to have played our part in this pioneering project and are excited for the Clair region’s continued potential.” This string of developments will follow from 2017’s seven major project completions and is key to delivering the 900,000 barrels of oil equivalent new production that BP expects from new upstream major projects by 2021.