BP

The decline was smaller than expected amid a slowdown in global economic activity and oil demand, particularly in China

The company has faced pressure from shareholders over its energy transition strategy, first launched in 2020, as renewables profit thinned while margins from oil and gas rose

Global supermajor BP Plc's exclusivity with Reliance Industries Ltd has ended but the energy giant will continue to pursue oil and gas as well as mobility ventures in India with the Mukesh Ambani firm owing to an unwritten strategic partnership, BP's outgoing India head Sashi Mukundan said. BP in 2011 spent USD 7.2 billion to acquire 30 per cent interest in 23 oil and gas blocks of Reliance. Eastern offshore KG-D6 block was the cornerstone of the deal that also provided for a 10-year exclusivity period which meant that BP would take up energy projects or investments in India only in partnership with Reliance. The firm has so far invested more than USD 12 billion across the energy value chain including bringing on stream three new deepwater natural gas projects in KG-D6 that account for one-third of India's gas production. "We started working with Reliance as early as 2005 when first (the then BP CEO) Lord John Browne visited India," Mukundan said. It finally fructified in the 2011

BP on Tuesday announced the appointment of Kartikeya Dube as the new India head, replacing long-time executive Sashi Mukundan who is retiring. In a statement, the company said Dube has been appointed Head of Country (HoC) and senior vice president (gas and low carbon) for India with effect from July 1, 2024. "Sashi Mukundan, who has been with bp for over 42 years, of which 15 were spent leading bp in India, will be retiring and will ensure a seamless transition to Kartikeya," it said. In the last 20 plus years that he has spent with BP, Dube held senior roles in finance, commercial and business transformation in India, Singapore and the UK. Last year, he took the role of vice president, group investor relations in BP's head office in London driving investor engagement. Previously, he was closely involved with setting up the BP joint ventures with Reliance Industries Ltd in India. From 2020 until 2023, he was the CFO for Jio-bp (the mobility joint venture of BP and Reliance). "Now

NewMed said all parties had agreed to pause negotiations, although Abu Dhabi National Oil Co (ADNOC) and BP have reaffirmed their interest in the deal

The company's shares were around 5% higher by 1020 GMT on Tuesday following the unexpected acceleration of the buyback programme

The British company maintained its dividend at 7.27 cents per share and extended its $1.5 billion share buyback programme over the next three months, leaving its payout policy unchanged

The high-profile departure comes only two weeks after Looney resigned, admitting to not fully disclosing relationships with colleagues

British energy major BP chief executive Bernard Looney on Saturday echoed India's views on energy transition being just and orderly, saying the shift from fossil-based system of energy to renewable sources has to be done in a manner so as to avoid price shocks like the ones witnessed last year. Looney said oil and gas will continue to be a source of energy for the world for "many, many decades to come" and companies and countries around the world have to continue investing in existing fossil fuels and in transition projects at the same time. Speaking at the B20 Summit India organised by CII, he said the world needs a rapid and at the same time orderly transition. Oil and gas, extracted from below ground and seabed and used to power vehicles, fly airplanes, produce power and used in several industries, make up for 55 per cent of the world's energy consumption. Replacing it won't happen overnight and so there is a need to continue investing in today's energy system so as to meet dema

BP's shares, however, were around 4.5% lower by 0923 GMT - compared with a drop of around 1.3% for an index of European oil companies

Reliance Industries Ltd and its partner bp of the UK have offered for auction 6 million standard cubic metres per day of more gas from their KG-D6 block as the partners bring the deepest field in the block to production. The two partners will on May 19 e-auction 6 mmscmd of gas, whose supplies will start from June 1, according to a tender document. Bidders have been asked to quote a variable 'v' over and above the JKM price, the spot market benchmark for liquefied natural gas (LNG) delivered to Japan and South Korea. The starting bid price is V = USD -0.06 (minus 0.06) per mmBtu. "Each Bidder is required to enter bids that are higher than or equal to the starting bid price," the tender document said, adding the maximum value of 'v' that would be accepted will be USD 0.75 per mmBtu. The JKM price is around USD 11.5 per million British thermal units at present. And the start price of the auction translates into a gas price of USD 11.44 per mmBtu and at the ceiling, it would result in

Announces further $2.75 bn in share buybacks; annual profit more than doubles to a record $28 bn

The firm more than doubled its third-quarter profit from a year earlier to $8.15 billion and expanded its share buybacks by $2.5 billion

"As part of this partnership, Nexus malls will be installed with 24x7 charging infrastructure for two and four-wheeler EVs," Jio-bp said in a statement.

Volkswagen also has European charging cooperations with Italy's Enel and Spain's Iberdrola, with Diess saying there would soon be an update on the latter alliance

Exxon holds a 30% stake, alongside Rosneft, Japan's SODECO and India's ONGC Videsh, in Sakhalin Island oil and gas fields in Russia's Far East

Companies with Russian assets under pressure; some Russian banks shut out from SWIFT; EU, Canada, Britain shut airspace to Russia

BP is the biggest foreign investor in Russia, and its dramatic exit puts the spotlight on other Western companies with operations in the country amid an escalating crisis between the West and Moscow

BP reports $12.8 billion profit in 2021; BP expands greenhouse gas emission reduction plans

So far, bp ventures only has one Indian investment - it put $13 million into EV ride-hailing firm BluSmart in September - and the country makes up about 2% of its $800 million portfolio