The world needs emissions cuts on a par with those delivered by the Covid lockdown every other year for the next 25 if it is to reach net-zero by 2050, BP’s chief executive said today.
Energy giant BP is ”getting to grips” with a slump in the value of its offshore assets, with some now worth nothing at all, an industry expert said last night.
Oil giant BP has announced it expects to undertake a huge reduction in asset value during the second quarter of 2020, due to the combined hit of lower oil prices and the Covid-19 pandemic.
Energy giant BP has announced plans to cut around 10,000 jobs worldwide in response to the latest oil downturn.
Energy giant BP has told shareholders its net zero transition is “deepened and accelerated” by the Covid-19 pandemic, but kept quiet on the fine print.
The boss of BP’s North Sea business is being promoted as part of a management overhaul at the energy giant.
BP will cut its senior leadership team to about 120 positions from 250 in an effort to make the firm more “nimble”, a news report said.
BP’s new chief executive Bernard Looney revealed he has considered the possibility that peak oil demand could be one of the legacies of the Covid-19 outbreak.
Climate activist group Greenpeace has a “good chance” of challenging BP’s North Sea permit for the Vorlich field, according to the organisation’s director.
Energy giant BP has told investors it is using business lessons from the aftermath of the Deepwater Horizon disaster to weather the current Covid-19 crisis.
The chief executive of BP has said “job security is going to be a major concern” amid the Covid-19 pandemic but gave no answers on any potential cuts the energy giant might make.
Energy giant BP fell to a £3.6billion pre-tax loss in the first quarter of 2020 as the coronavirus and oil price slump made its impact on the business.
The uncertainty surrounding the coronavirus pandemic could be a “moment to reassess” for many smaller North Sea oil and gas firms overlooking the energy transition, a top energy analyst has said.
Energy giant BP has announced a 25% cut in spending in response to the coronavirus outbreak.
BP has promised its employees their jobs are safe over the next three months, while the oil major considers ways to cut costs with crude prices plunging.
BP is reassessing the “chosen venue” for its 2020 Annual General Meeting as the planned site is being converted into a coronavirus field hospital.
More than a dozen UK North Sea projects are facing deferral in light of the oil price drop, an analyst has predicted.
BP’s UK offshore business remains “vital” to the group, its North Sea boss said at the end of a momentous week for the supermajor, which set out ambitious emissions goals.
Lower oil and gas prices chopped BP’s profits in half during the final year of Bob Dudley’s tenure as chief executive, the firm revealed yesterday.
Climate activist group Greenpeace has been given the legal right to challenge oil giant BP over a North Sea drilling permit on the eve of the firm appointing its new chief executive.
BP’s incoming chief executive vowed to stick to the “principles” embedded in the company by Bob Dudley.
A BP boss in charge of energy transition efforts has teased “more to follow” on the eve of Bernard Looney’s coronation as chief executive.
BP’s new CEO needs to “push” the energy transition agenda further to stop the supermajor falling foul of investors, particularly in Europe, analysts have said.
It’s apparently not the traditional approach for the top dogs of major oil companies, but maybe it’s time to break the mould.
As widely circulated reports of BP’s plans for a major organisation shake-up emerge, the energy industry can only wait in anticipation to hear what Bernard Looney FREng FEI, Incoming Group Chief Executive of BP, has to say. Updates to their climate change strategy are sure to have an impact on other oil and gas major’s policies going forward, especially when paired with the increasing pressure from investors and the wider public.