BP: Difference between revisions

In September 2020, BP formed a partnership with Equinor to develop offshore wind and announced it will acquire 50% non-operating stake in the Empire Wind off New York and Beacon Wind off Massachusetts offshore wind farms. The deal is expected to be completed at the first half of 2021.<ref name=reuters100920/> In December 2020, BP acquired a majority stake in Finite Carbon, the largest forest [[carbon offset]]s developer in the United States.<ref name=reuters161220/>

In October 2022, BP announced that it would be acquiring Archaea Energy Inc., a renewable natural gas producer, for $4.1 billion.<ref>{{Cite news |last1=Bousso |first1=Ron |last2=Soni |first2=Ruhi |date=17 October 2022 |title=BP to buy U.S. biogas producer Archaea for $4.1 bln |language=en |work=[[Reuters]]|url=https://www.reuters.com/markets/deals/archaea-energy-be-bought-by-bp-41-bln-including-debt-2022-10-17/ |access-date=17 October 2022}}</ref> In December 2022, it was announced BP had completed the acquisition of Archaea Energy Inc. for $3.3 billion.<ref>{{Cite web |title=TOP NEWS: BP completes USD3.3 billion acquisition of Archaea Energy {{!}} Financial News |url=https://www.lse.co.uk/news/top-news-bp-completes-usd33-billion-acquisition-of-archaea-energy-mbfybrzhf006ql2.html |access-date=29 December 2022 |website=www.lse.co.uk |language=en}}</ref> In November 2022, the company announced a large increase in profit for the period from July to September due to the high fuel prices caused by the [[2022 Russian invasion of Ukraine|Russian invasion of Ukraine]].<ref>{{cite news|url=https://www.bbc.com/news/business-63468313 | title=BP sees huge profit due to high oil and gas prices | date=November 2022 | publisher=[[BBC News]] |access-date=1 November 2022}}</ref>

BP has a stake in exploration of two blocks of offshore deepwater assets in the South China Sea.<ref name="China2012">{{cite news |title=BP gets OK for deepwater gas exploration |url=http://www.china.org.cn/business/2012-02/15/content_24640409.htm |work=China.org.cn |date=15 February 2012 |access-date=21 June 2012}}</ref><ref name="Xu2012">{{cite news |title=BP hopes to drill new S.China Sea gas block this yr |author=Wan Xu |author2=Wills, Ken|url= https://uk.reuters.com/article/bp-gas-china/bp-hopes-to-drill-new-s-china-sea-gas-block-this-yr-idUSL4E8DF2E320120215 |archive-url= https://web.archive.org/web/20181205122852/https://uk.reuters.com/article/bp-gas-china/bp-hopes-to-drill-new-s-china-sea-gas-block-this-yr-idUSL4E8DF2E320120215 |url-status= dead |archive-date= 5 December 2018 |work=[[Reuters]]|date=15 February 2012 |access-date=30 July 2012}}</ref>

BP has major liquefied natural gas activities in Indonesia, where it operates the [[Tangguh gas field|Tangguh LNG]] project, which began production in 2009 and has a capacity of 7.6&nbsp;million tonnes of liquid natural gas per year.<ref name="Grieder2009">{{cite news|title=Indonesia's Tangguh LNG Project Begins Commissioning |first=Tom |last=Grieder |url=http://w3.nexis.com/new/docview/getDocForCuiReq?lni=4VHY-CTH0-TX4S-W0NW&csi=250053&oc=00240&perma=true |work=Global Insight |date=3 February 2009 |access-date=30 July 2012 |url-access=subscription |url-status = dead|archive-url=https://web.archive.org/web/20140222045322/http://w3.nexis.com/new/docview/getDocForCuiReq?lni=4VHY-CTH0-TX4S-W0NW&csi=250053&oc=00240&perma=true |archive-date=22 February 2014 }}</ref> Also in that country, the company has invested in the exploration and development of [[coalbed methane]].<ref name="Suhana2011"/>

BP is the largest oil and gas producer in [[Trinidad and Tobago]], where it holds more than {{convert|1350|km2}} of offshore assets and is the largest shareholder in [[Atlantic LNG]], one of the largest [[LNG plant]]s in [[Western Hemisphere]].<ref name="UPIMay11">{{cite news |title=BP eyes new work in Trinidad and Tobago |url= https://www.upi.com/Business_News/Energy-Industry/2012/05/15/BP-eyes-new-work-in-Trinidad-and-Tobago/UPI-75291337075292/ |work=[[United Press International|UPI]] |date=15 May 2011 |access-date=21 June 2012}}</ref>

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.<ref>{{cite web|url=https://www.spc.com.sg/about-us/history-milestones/|title=History & Milestones|access-date=19 November 2022|website=SPC}}</ref>

Prior to 1997, BP was a member of the [[Global Climate Coalition]], an industry organisation established to promote [[global warming scepticism]], but withdrew in 1997, saying "the time to consider the policy dimensions of [[climate change]] is not when the link between [[greenhouse gas]]es and climate change is conclusively proven, but when the possibility cannot be discounted and is taken seriously by the society of which we are part. We in BP have reached that point.".<ref>{{cite web |title=Climate Change Speech By John Browne, Group Chief Executive, British Petroleum (BP America) Stanford University, 19 May 1997 |url=http://www.jayhanson.us/page106.htm |work=From Capitalism To Democracy |access-date=28 October 2013 |archive-date=31 October 2020 |archive-url=https://web.archive.org/web/20201031153114/https://www.jayhanson.us/page106.htm |url-status=dead }}</ref><ref name="Stanford GSB">{{Cite news|url=http://www.gsb.stanford.edu/community/bmag/sbsm0997/feature_ranks.html |title=Breaking Ranks |publisher=Stanford Graduate School of Business |archive-url=https://web.archive.org/web/20121006112452/http://www.gsb.stanford.edu/community/bmag/sbsm0997/feature_ranks.html |archive-date=6 October 2012 |access-date=12 February 2013}}</ref> BP was distinguished as the first multinational outside of the reinsurance industry to publicly support the [[scientific consensus on climate change]], which [[Pew Center on Global Climate Change]] president [[Eileen Claussen]] then described as a transformative moment on the issue.<ref>{{cite book|last=Cornelissen|first=Joep|title=Corporate Communications: Theory and Practice|year=2004|publisher=SAGE|isbn=978-0761944362|page=51|url=https://books.google.com/books?id=VWVOhNxeLpEC}}</ref> In March 2002, Lord John Browne, the group chief executive of BP that time, declared in a speech that [[global warming]] was real and that urgent action was needed.<ref name=nyt050610>{{cite news |last=Frey |first=Darcy |title=How green is BP? | newspaper = The New York Times | url=https://www.nytimes.com/2002/12/08/magazine/how-green-is-bp.html |date=8 December 2002 |access-date=5 June 2010}}</ref> Notwithstanding this, from 1988 to 2015 BP was responsible for 1.53% of global industrial greenhouse gas emissions.<ref name=guardian100717/> In 2015, BP was listed by the UK-based non-profit organisation Influence Map as the fiercest opponent of action on climate change in Europe.<ref name=guardian050610>{{cite news |last= Neslen |first= Arthur | title = BP tops the list of firms obstructing climate action in Europe | newspaper = [[The Guardian]] | url = https://www.theguardian.com/environment/2015/sep/21/bp-tops-the-list-of-firms-obstructing-climate-action-in-europe |date= 21 September 2015 |access-date = 25 October 2020}}</ref> In 2018, BP was the largest contributor to the campaign opposing [[Washington Initiative 1631|carbon fee initiative 1631]] in Washington State.<ref>{{cite news |last1=Times |first1=Seattle |title=Carbon-fee opponents raise record $25.8M to defeat I-1631 |url=https://www.seattletimes.com/seattle-news/politics/carbon-fee-opponents-raise-record-25-8m-to-defeat-i-1631/ |access-date=23 October 2018}}</ref> Robert Allendorfer, manager of BP's Cherry Point refinery, wrote the following in a letter to state lawmakers: "[Initiative 1631] would exempt six of the ten largest stationary source emitters in the state, including a coal-fired power plant, an aluminum smelter, and a number of pulp and paper plants."<ref>{{cite news |title=E&E News |url=https://www.eenews.net/stories/1060095019 |access-date=23 October 2018}}</ref> According to a 2019 [[The Guardian|Guardian]] ranking, BP was the 6th largest emitter of greenhouse gases in the world.<ref name=guardian>{{Cite news|last1=Taylor|first1=Matthew|last2=Watts|first2=Jonathan|date=9 October 2019|title=Revealed: the 20 firms behind a third of all carbon emissions | newspaper =[[The Guardian]]|url=https://www.theguardian.com/environment/2019/oct/09/revealed-20-firms-third-carbon-emissions|access-date=14 June 2020}}</ref>

In August 2020, BP America's chairman David Lawler criticised elimination of federal requirements to install equipment to detect and fix [[methane leaks]] by saying that "direct federal regulation of [[methane emissions]] is essential to preventing leaks throughout the industry and protecting the environment."<ref>{{cite web|first1=Rachel|last1=Frazin|accessdate=18 April 2021|title=Major oil companies oppose EPA methane rollback|url=https://thehill.com/policy/energy-environment/512097-oil-majors-oppose-epa-methane-rollback|date=14 August 2020|website=[[The Hill (newspaper)|The Hill]]}}</ref> BP is also a founding member of [[Methane Guiding Principles]], an industry consortium that aims to drive methane reductions throughout the global energy supply chain.<ref>{{cite web|url=https://unece.org/fileadmin/DAM/energy/se/pp/geg/geg5_ws_March2018/Sue-Ern.Tan_4_Shell.pdf |title=Methane Guiding Principles and OGCI|access-date=23 September 2024}}</ref>

====Claims settlement====

On 2 March 2012, BP and businesses and residents affected by the spill reached a settlement of roughly 100,000&nbsp;suits claiming economic losses. BP estimated that the settlement cost more than $9.2 billion.<ref name="2014 appeal fail">{{cite news | url=https://www.reuters.com/article/us-bpspill-ruling-idUSBREA0A04920140111 | title=BP appeal to stop 'fictitious' U.S. oil spill claims fails |  date=11 January 2014 | work=[[Reuters]]| access-date=18 January 2014}}</ref><ref name=settleAP>{{cite news|title=BP begins to put spill behind it with settlement|first1 =Jonathan | last1 = Fahey | first2 = Chris | last2 = Kahn |date=3 March 2012|newspaper =[[Boston Globe]]|agency=[[Associated Press]]|url=https://www.boston.com/news/nation/articles/2012/03/03/bp_begins_to_put_spill_behind_it_with_settlement/|access-date=18 January 2014}}</ref>

<ref name=browne>{{cite web |url=http://www.raeng.org.uk/about/fellowship/fame/browne.htm |title=Royal Academy of Engineering |publisher=Raeng.org.uk |access-date=5 June 2010 |archive-date=22 January 2021 |archive-url=https://web.archive.org/web/20210122011921/http://www.raeng.org.uk/about/fellowship/fame/browne.htm |url-status=dead }}</ref>

<ref name=bbc110899>{{Cite news|url=http://news.bbc.co.uk/2/hi/business/149139.stm |title=BP and Amoco in oil mega-merger |work=[[BBC News]] |date=11 August 1998 |access-date=5 June 2010}}</ref>

<ref name="Macalister2009">{{cite news |title=Cree aboriginal group to join London climate camp protest over tar sands |first=Terry |last=Macalister |url=https://www.theguardian.com/business/2009/aug/23/london-tar-sands-climate-protest |newspaper=[[The Guardian]] |date=23 August 2009 |access-date=25 September 2012}}</ref>

<ref name="guardian100413">{{cite news |title=BP faces pay row at AGM |url=https://www.theguardian.com/business/2013/apr/10/bp-agm-pay-row |newspaper=[[The Guardian]] |date=10 April 2013 |access-date=9 November 2020 |first1=Terry |last1=Macallister}}</ref>