BP Plc

British firm holds 51% stake in Castrol India valued at Rs 11,000 crore

The board of global energy giant bp plc is holding its meeting in India in signs of its commitment to and confidence in opportunities in the country, the firm said on Wednesday. "The 5-day visit of the bp board reflects bp's significant and growing presence in India and its commitment to further develop its businesses in and with the country," it said in a statement. Recognising India's key role in global energy demand, during their visit the board will also hold meetings with the Indian government and bp's business partners, as well as visiting key bp India locations. The statement, however, did not elaborate on the meetings or the venue of the board meeting. Meeting Petroleum Minister Hardeep Puri, bp chair Helge Lund commented, "bp is committed to working closely with the government of India to support its changing energy needs. By leveraging our combined experience and expertise with our partners, we aim to facilitate the secure, affordable, and lower carbon growth of India's .

State-owned Oil and Natural Gas Corporation (ONGC) won seven areas for exploration of oil and gas while a consortium of Reliance Industries Ltd and BP Plc walked away with one in the latest bid round. Oil Minister Hardeep Singh Puri said 10 blocks for exploration and production of oil and gas were offered in the eighth round of Open Acreage Licensing Policy (OALP-VIII). Contracts for the 10 blocks were signed on Wednesday morning, he said. Of the 10 blocks offered, ONGC won seven while Reliance-BP, Oil India Ltd and Sun Petrochemicals Pvt Ltd got one area each. Parallelly, three coal-bed methane (CBM) blocks too were awarded and the ninth round of OALP was launched for bidding. "Estimated investments in awarded blocks for a committed exploration work programme is to the tune of USD 233 million," an official note said. India had offered 10 blocks for bidding in the eighth round of the OALP in July 2022. After extending the bid deadline a few times, the round closed in July 2023.

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

"We've seen of course through 2022 the fragility of the energy system," Sawan said. "To see prices start to skyrocket, that's not healthy for anyone, particularly consumers"

Tufan Erginbilgic, 62, spent 20 years at BP Plc, and in his most recent role before leaving in 2020 led the firm's downstream business

Earlier in 2008, RIL had compensated dealers when it shut retail outlets due to high crude oil prices and lack of support from the government

It has started preliminary talks with potential investors including large commodity traders, according to the peope.

BP Plc and Equinor ASA have already made incremental dividend increases and announced more modest buyback plans

Reliance Industries Ltd and its partner BP Plc of UK have sought bids for sale of 5.5 mmscmd of additional natural gas that will be available for sale from their eastern offshore KG-D6 block

Exxon Mobil Corp. reported the largest losses in its history nearly $20.1 billion for the fourth quarter, including more than $19 billion to write down the value of company assets

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, sources said

BP joins other employers that are changing their work styles after many employees began working at home due to the coronavirus pandemic

An employee of BP Plc's Australian refinery who was fired last year for mocking management online using a well-known meme of Adolf Hitler has been awarded more than $143,100 in compensation

BP paired the payout news with more details for investors of its net-zero strategy - bringing forward announcements expected in September

The writedown announcement came after Shell cut its forecast for energy prices into 2023 on expectations that sales will only recover slowly after the pandemic

The deal was to be concluded by March 2020 but has been delayed.

Like its rivals, the British oil major is set to take a big hit to revenue from an unprecedented collapse in demand due to the pandemic.

Reliance has increased 35% this year, compared with BP's 1.2% gain as it works on cutting high debt levels

The JV will incorporate and build on RIL's current fuel retailing network across India