- BP deliver energy products and services to customers around the world
- BP has operations in Europe, North and South America, Australasia, Asia and Africa.
- BP acquired Castrol in 2002 now Castrol products are sold in more than 150 countries
BP (NYSE: BP, LSE:BP) deliver energy products and services to its customers around the world, and the company plan to do so increasingly in ways that the company believe will help drive the transition to a lower carbon future.
BP has operations in Europe, North and South America, Australasia, Asia and Africa.
Iberdrola and bp to collaborate to accelerate EV charging infrastructure and green hydrogen production
28 July 2022; Iberdrola and bp announced their intention to form a strategic collaboration aiming to help accelerate the energy transition. Together, the companies intend to collaborate to significantly expand fast EV public charging infrastructure to support the adoption of electric vehicles, as well as to develop large scale green hydrogen production hubs in Spain, Portugal and the UK.
bp and Linde plan major CCS project to advance decarbonization efforts across Texas Gulf Coast
17 May 2022; bp and Linde today announced plans to advance a major carbon capture and storage (CCS) project in Texas that will enable low carbon hydrogen production at Linde’s existing facilities. The development will also support the storage of carbon dioxide (CO2) captured from other industrial facilities – paving the way for large-scale decarbonization of the Texas Gulf Coast industrial corridor.
Upon completion, the project will capture and store CO2 from Linde’s hydrogen production facilities in the greater Houston area – and potentially from its other Texas facilities – to produce low carbon hydrogen for the region. The low carbon hydrogen will be sold to customers along Linde’s hydrogen pipeline network under long-term contracts to enable production of low carbon chemicals and fuels.
The profit for the year ended 31 December 2021 attributable to bp shareholders was $7.6 billion, compared with a loss of $20.3 billion in 2020. Adjusting for inventory holding gains, RC profit was $4.7 billion, compared with a loss of $18.1 billion in 2020.
After adjusting RC profit for a net adverse impact of adjusting items of $8.1 billion (on a post-tax basis), underlying RC profit for the year ended 31 December 2021 was $12.8 billion. The result reflected higher oil and gas prices and refining margins, and strong trading results.
In 2021 the net adverse pre-tax impact of adjusting items was $8.7 billion, mainly relating to adverse fair value accounting effects primarily arising from the exceptional increase in forward gas prices, partially offset by net impairment reversals of $1.3 billion and $1.0 billion relating to a gain from the divestment of a 20% stake in Oman Block 61. Under IFRS, reported earnings include the mark-to-market value of the hedges used to risk-manage LNG contracts, but not of the LNG contracts themselves. This mismatch at the end of 2021 is expected to unwind if prices decline and as the cargoes are delivered.
The charge for corporate income taxes was $6,740 million in 2021 compared with a credit of $4,159 million in 2020. The increase mainly reflects the profit for 2021 compared with a loss in 2020. The effective tax rate (ETR) on the profit for the year in 2021 was impacted by fair value accounting effects. The ETR on the loss for the year in 2020 was impacted by impairment charges and exploration write-offs.
First Quarter 2022 Results
“In a quarter dominated by the tragic events in Ukraine and volatility in energy markets, bp's focus has been on supplying the reliable energy its customers need. The company's decision in February to exit its shareholding in Rosneft resulted in the material non-cash charges and headline loss the company reported today. But it has not changed its strategy, its financial frame, or its expectations for shareholder distributions. Importantly bp continues to perform and step-by-step BP is making progress executing its IEC strategy - producing resilient hydrocarbons to provide energy security while investing with discipline in the energy transition.” Bernard Looney Chief executive officer
Reported loss of $20.4 billion, underlying replacement cost profit of $6.2 billion Reported loss for the quarter was $20.4 billion, compared with a profit of $2.3 billion for the fourth quarter 2021. The reported result includes adjusting items before tax of $30.8 billion.
Adjusting items include pre-tax charges of $24.0 billion and $1.5 billion as a result of the loss of significant influence and bp's decision to exit its 19.75% shareholding in Rosneft and its other businesses with Rosneft in Russia respectively. As a result, in the first quarter the post-tax charge is $24.4 billion and the total reduction in equity is $14.7 billion. Adjusting items also include fair value accounting effects of $5.8 billion.
Underlying replacement cost profit was $6.2 billion, compared with $4.1 billion for the previous quarter. This was driven by exceptional oil and gas trading, higher oil realizations and a stronger refining result, partly offset by the absence of Rosneft from the first quarter underlying result.
For the first quarter bp has announced a dividend of 5.46 cents per ordinary share payable in June 2022.
Net debt fell to $27.5 billion at the end of the first quarter.
Capital expenditure in the first quarter 2022 was $2.9 billion, compared with $3.8 billion in the first quarter of 2021 which included a $0.7 billion payment in respect of the strategic partnership with Equinor.
BP received divestment and other proceeds of $1.2 billion in the first quarter and continues to expect to receive total proceeds of $2-3 billion during 2022
Production & operations
In production & operations (P&O) the company find and develop hydrocarbon resources, operate oil and gas production assets, as well as refineries, pipelines and terminals around the world.
The company's vision is to become an industry-leading hydrocarbons business and the engine room of its integrated energy company.
The company has diversified portfolio of projects
Herschel Expansion utilizes existing infrastructure to maximize value in the prolific Na Kika Catchment Area, offshore Gulf of Mexico in Mississippi Canyon block 520. It is a three-well tie-back to Na Kika via an extension of the Manuel project high pressure flowline, with the wells phased over the coming years.
Azeri Central East (ACE)
The ACE project is a development which includes a new 48-slot production, drilling and quarters platform located mid-way between the existing Central Azeri and East Azeri platforms in approximately 460 feet of water depth. New infield pipelines will transfer oil and gas from the ACE platform to the existing ACG Phase 2 oil and gas export pipelines for transportation to the onshore Sangachal terminal.
The project will involve construction of a new platform with throughput capacity of 1.2 billion standard cubic feet of gas a day. Cassia C will be located ~35 miles off the south-east coast of Trinidad. Gas production from the Greater Cassia Area will be routed to Cassia C for compression before being exported via the adjacent existing Cassia B platform.
KG D6 MJ
The MJ project is the third phase of Block KG D6 development off the east coast of India. Together three projects are expected to develop a total of about 3 trillion cubic feet of discovered gas resources. MJ field is located approximately 20 miles offshore and in 2,300-3,600 feet water depth. Seven subsea wells will tie-back to a new Floating Production Storage and Offloading (FPSO) vessel to process and separate liquids. Gas will be exported to the onshore terminal through an existing 24-inch pipeline.
Mad Dog Phase 2
The Mad Dog Phase 2 project includes a new semi-submersible floating production platform with the capacity to produce up to 140,000 gross barrels of crude oil per day from 14 production wells and inject up to 140,000 barrels of water per day using a LoSal system to enhance oil recovery. The new platform will be moored approximately six miles southwest of the existing Mad Dog platform located in 4,500 feet of water about 190 miles south of New Orleans.
Seagull is a high pressure, high temperature development located in the Central North Sea approximately 10 miles south of the ETAP Central Processing Facility (CPF). Seagull will be tied back to the ETAP CPF partially utilising existing subsea infrastructure. Gas from the development will come onshore at the CATS processing terminal at Teesside, while oil will come onshore through the Forties Pipeline System to the Kinneil Terminal, Grangemouth.
The Tangguh Expansion project, located in the Papua Barat Province of Indonesia, will add a third LNG process train (Train 3) and 3.8 million tons per annum (mtpa) of production capacity to the existing facility, bringing total plant capacity to 11.4 mtpa. The project also includes two offshore platforms, 13 new production wells, an expanded LNG loading facility, and supporting infrastructure.
Tortue Phase 1
Tortue Phase 1 is the first phase of the Greater Tortue Ahmeyim project which will produce gas from an ultra-deepwater subsea system and mid-water floating production, storage and offloading (FPSO) vessel. The gas will be transferred to a floating liquefied natural gas (FLNG) facility at an innovative nearshore hub located on the Mauritania and Senegal maritime border. The FLNG facility is designed to provide circa 2.5 million tonnes of LNG per annum of nameplate capacity, with the total gas resources in the field estimated to be around 15 trillion cubic feet.
|BP WI %
|Peak (annual avg.)
|In Salah Southern Fields
|In Salah Gas
|Project scope consists of a new 500 million standard cubic feet per day gas dehydration central processing facility (CPF), 26 wells with gathering flow lines and export pipelines. Modifications to two existing CPFs in the Northern fields will add additional dehydration and compression capacity. Drilling of the 26 wells began in 2014 and is planned to continue until 2018.
|Thunder Horse Water Injection
|Gulf of Mexico
|Project scope comprises refurbishment and replacement of existing topsides and subsea equipment, procurement and installation of new equipment and the drilling and completion of two water injection wells. Water will be injected from the two new wells into the reservoir to increase pressure and enhance production.
|Angola LNG (re-start)
|Chevron, Sonagol, Total, ENI
|Restarted Angola LNG plant
|Initial Production System (IPS) project is a reservoir cycling project where condensate will be removed from produced gas for export and the gas will be re-injected into the reservoir. Processing facilities include separation, compression and utilities plants, three new wells and gathering and condensate export lines. A pipeline is being installed with capacity of 70,000 barrels per day (for future field expansion) which will take condensate to the Trans-Alaska Pipeline.
|In Amenas Compression
|In Amenas Gas
|Project scope consists of two gas turbine compressor trains, a new slug-catcher, a produced water surge drum, associated utilities and control systems and tie-ins to the existing plant. It is expected to develop 216 million barrels of oil equivalent
|Thunder Horse South Expansion
|Gulf of Mexico
|Project comprises a new subsea drill centre located two miles from the Thunder Horse platform. Three new wells and an existing fourth well are expected to tie-into the new drill centre. Topsides scope is minimal as a result of maximising use of existing subsea infrastructure.
|West Nile Delta T/L
|Project consists of five gas fields across two BP-operated offshore concession blocks, North Alexandria and West Mediterranean Deepwater. Production from the five fields is expected to reach up to 1.3 billion cubic feet a day (bcf/d), equivalent to about 30 per cent of Egypt’s current gas production. All the produced gas will be fed into the national gas grid.
|Shell, Sicar Point Energy
|Project has included the construction and installation of the world’s largest harsh water floating, production, storage and offloading (FPSO) vessel – the ‘Glen Lyon’, a major upgrade and replacement of subsea facilities and a continuous drilling programme of up to 20 new wells to enable the full development of the reserves.
|Trinidad Onshore Compression
|Project will increase production from low-pressure wells in BP Trinidad and Tobago LLC (bpTT)’s existing acreage in the Columbus Basin using an additional inlet compressor at the Point Fortin Atlantic LNG plant. Additional upgrades will be made to bpTT’s upstream facilities, as well as those of third parties to accommodate operations of the compressor.
|Project will produce gas from the Corallita and Lantana fields located 50 miles off the south-east coast of Trinidad, in water depth of approximately 360 feet. The project includes the construction of a normally unmanned platform, together with corresponding subsea infrastructure.The development is expected to include five subsea wells and to have a production capacity of approximately 590 million standard cubic feet per day
|Extracting gas tightly held in the old, hard rocks of Khazzan is challenging. BP brings global experience in advanced seismic, hydraulic fracturing and well design expertise, which has been vital in the work to date. The world’s largest onshore seismic survey and precise 3D modelling of the subsurface was conducted to understand where the gas is and how it is distributed. Highly accurate horizontal drilling is now being undertaken and fluids are being injected at pressure to coax the gas out. The expertise gained by Omani engineers will enhance the capability of Oman’s oil & gas sector.Over the life of the project around 300 wells will be drilled and a third train added to the CPF.
|BHP, Chevron, Shell, Mitsubish-Mitsui
|Project is a two well 7km subsea tieback from the Persephone field to the existing North Rankin complex (NRC). The manifold is connected to the NRC platform via a 12” flexible flowline and control umbilical.comprising of North Rankin A and North Rankin B platforms. Connected by two 100 metre bridges, the platforms operate as a single integrated facility. The NRC stands in 125 metres of water and has a daily production capacity of up to 66,000 tonnes of dry gas and 6,000 tonnes of condensate from the North Rankin and Perseus fields.
|Project is thought to be the largest gas discovery made in the Mediterranean with up to 30 trillion cubic feet of new gas resources. With the first phase of development being fast-tracked.
|Pharaonic Petroleum Company (PhPC)
|Early production scheme involving the recompletion of an existing exploration well as a producing well, the drilling of two additional wells, the installation of the necessary subsea infrastructure, and upgrading of existing onshore facilities required to produce from the field. The project will produce up to 350 million standard cubic feet a day (mmscfd) gas and 10,000 barrels per day (bpd) condensate, which will be processed at the West Harbour facilities and fed into Egypt's national grid.
|Shah Deniz 2 & SCPx
|SOCAR , PETRONAS, Lukoil, NICO,
|Project expected to produce 16 billion cubic metres of gas per year (bcma) incrementally to current Shah Deniz production. Offshore, the project includes 26 subsea wells, a subsea production system, two bridge-linked offshore platforms and 500 km of subsea flowlines. The gas is transported to the onshore Sangachal terminal near Baku, which had new processing and compression facilities installed as part of the project. The project also includes expansion of the South Caucasus Pipeline in Azerbaijan and Georgia, and two new compressor stations and a metering station in Georgia.
|Shell, Conoco Phillips, Chevron
|Phase One was brought on stream in 2005, targeting approximately 300 million barrels of recoverable reserves. It was the first fixed offshore facility to be installed in the West of Shetland area. To the north of Phase One is Clair Ridge, where BP is targeting 640 million barrels of recoverable resources. The multi-billion-pound investment involves two new bridge-linked platforms,
|Rosneft, Oil India, Indian Oil, Bharat PetroResources
|Conventional oil and gas
|Oil production will ramp up from 25 mboed in 2018, to a peak of 100mboed (gross) in 2021 with active development drilling and facilities expansion
|TH Northwest Expansion
|Gulf of Mexico
|Project comprises a new two-slot manifold, subsea controls and chemical distribution, and tie-in of two new development wells.
|Western Flank B
|BHP, Chevron, Shell, Mitsubish-Mitsui
|Project will develop the Keast, Dockrell, Sculptor-Rankin, Lady Nora and Pemberton fields via an eight subsea well tie back to the Goodwyn A platform.
|West Nile Delta G/F
|Project is the second stage of the West Nile Delta five-field development (following startup of Taurus / Libra in 2017) from two BP-operated offshore concession blocks, North Alexandria and West Mediterranean Deepwater.The Giza / Fayoum project includes eight wells and is developed as a deepwater long distance tie back to shore, where an existing onshore plant is refurbished and modified.
|Gulf of Mexico
|Pliocene discovery located in central Green Canyon. Production from Constellation is tied-back to Anadarko’s Constitution spar in approximately 5,000 feet of water.
|Project develops four wells and features the construction of a new platform 40 miles off the southeast coast of Trinidad in water-depth of approximately 215 feet. Gas from Angelin flows to the Serrette platform hub via a new 13-mile pipeline
|High Pressure Gas
|Projects consists of a 1.2 Tcf High Pressure High Temperature (HPHT) lean gas condensate field located approximately 140 miles east of Aberdeen in Block 22/25a of the Central North Sea in water depths of 300 feet. The project scope includes a stand-alone three bridge-linked platform development with dry gas export via the Central Area Transmission System (CATS) and liquids export via a new-build Floating Storage and Offloading tanker (FSO). The project comprises of six production wells and one produced water re-injection well.
|Project consists of two wells, which are tied-back into the existing Schiehallion and Loyal subsea infrastructure, utilizing the processing and export facilities of the Glenn Lyon FPSO.
|Atlantis Ph 3
|Gulf of Mexico
|Project Includes the construction of a new subsea production system from eight new wells that are tied into the current Atlantis platform, 150 miles south of New Orleans in water depth of over 7,000 feet.
|KG D6 R Cluster
|First of three projects in Block KG D6 off the east coast of India, developed as a six well subsea tie back to the existing control and riser platform off Block KG D6.
|Khazzan Ph 2
|Oman Oil, PTT, Petronas
|Project is the second phase of the onshore Khazzan field development included drilling approximately 100 wells, construction of a third train, a new export pipeline and tie-in to the existing Phase 1 facilities. The second phase (Ghazeer) is expected to deliver an additional 0.5bcf/d and over 35,000 barrels a day of condensate, bringing total Khazzan gas production to ~ 1.5bcf/d.
|Project is a two-well development tied back to the Ithaca Energy-operated FPF-1 floating production facility, Through an innovative partnership, bp acted as operator during the development phase, drilling the wells and installing the wellheads. Ithaca Energy, whose FPF-1 floating production facility will process Vorlich's hydrocarbons, installed subsea infrastructure and executed the modifications on FPF-1.
|West Nile Delta Raven
|Project is the third phase of the West Nile Delta development (following Taurus / Libra and Giza/Fayoum) from two BP-operated offshore concession blocks, North Alexandria and West Mediterranean Deepwater. includes 8 wells and has been developed as a deepwater long distance tie back to shore, where the new Raven onshore plant has been built, immediately adjacent to the Giza / Fayoum facilities.
|Gulf of Mexico
|Project is an Infrastructure-led (ILX) opportunity at Na Kika area. The development was a two well tie-back to Na Kika via a single riser and flowline.
|KG D6 Satellites Cluster
|Second of three projects in Block KG D6 off the east coast of India, dry gas development and comprises four discoveries in 4,300 - 6,200 feet water depth. It has been developed as a five well subsea tie back to the existing control and riser platform off Block KG D6. KG D6 integrated development is aimed at delivering one billion standard cubic feet gross production a day by 2022.
|Equinor, ExxonMobil, Sonangol
|Project is the first of several possible short-cycle developments on Block 17 that will unlock its full potential by connecting satellite reservoirs to the existing floating storage, production and offloading (FPSO) units. Zinia 2 comprises nine wells in water depths ranging from 2,000 to 4,000 feet, tied back to the Pazflor FPSO.
|TH South Expansion Ph 2
|Gulf of Mexico
|Project boosts the output of the existing Thunder Horse field, one of the largest oil fields in the Gulf of Mexico. This project adds two new subsea production units roughly two miles to the south of the existing Thunder Horse platform with two new production wells in the near term. Eventually eight wells will be drilled as part of the overall development.
|Project develops the gas resources discovered by BPTT in 2017 with the Savannah exploration well. The project is a three-well subsea tie-back to the existing Juniper platform. The project production capacity is in the range of 250-350 million standard cubic feet of gas a day once all wells are fully ramped up.
|Sinopec Pesquisa e Produção
|Project is the first subsea tie-back to the existing Greater Plutonio floating production, storage and offloading vessel (FPSO) which started in 2007. Platina will be BP’s first new operated development in Angola since the PSVM project in Block 31 began production in 2013. The Platina field is in deepwater Block 18, discovered in 1999 and in water depths of approximately 1,300 metres.
After a contraction of 3.5% in 2020, global real GDP has rebounded and reached its pre-pandemic peak (of the fourth quarter of 2019) in the second quarter of 2021.
The global economy grew by an estimated 5.9% in 2021, its strongest post-recession pace in 80 years. However, the recovery was uneven amid unequal COVID-19 vaccine access and differences in policy support across the globe. Growth in developed economies was 5.0% in 2021, driven by a strong recovery in the US, and GDP in emerging markets grew by 6.5%, driven by China.
The oil market continued its rebalancing process in 2021. Oil demand rebounded with global oil consumptionc increasing by 5.5mmb/d to 96.4mmb/d for the year (+6.0%) on the back of the economic recovery, supported by the increasing vaccination roll-out and gradual lifting of public health measures.
On the supply side, continued active supply management by OPEC+ countries also helped accelerate the rebalancing process, with global oil productiond increasing by 1.5mmb/d to 95.3mmb/d.
The global economic recovery supported natural gas demand in 2021, and prices in all three key gas regions rebounded strongly. A series of compounding factors helped to push prices up, with record, unprecedented pricing levels seen in many regions.
Refining marker margin
Refining margins showed a gradual recovery towards pre-COVID historical levels averaging $13.2/bbl in 2021, significantly above the 2020 level ($6.8/bblj), but still below the 2015-19 average ($14.1/bbl).
Higher US margins are a result of strong demand rebound and higher renewable identification number (RIN) prices, which have more than doubled since last year.
RINS represent environmental compliance costs and have increased due to a delay in the US EPA proposing the 2021 renewable volume obligation (RVO), together with various other market-and regulatory-related reasons.
Each of its brands has its own heritage and personality, but they all have one thing in common – they all symbolize, embody or provide tremendous energy. But as the world demands more energy it also demands that it be produced and delivered in new ways, with fewer emissions and at bp the company embrace that challenge. To deliver significantly lower emissions, every type of energy needs to be cleaner and better.
The bp brand
bp is its main global brand. It is the name that appears on production platforms, refineries, ships and corporate offices as well as on wind farms, research facilities and at retail service stations.
Since ‘BP’ petrol first went on sale in Britain in the 1920s, the brand has grown to become recognized worldwide for quality gasoline, transport fuels, chemicals and alternative sources of energy such as wind and biofuels.
Castrol lubricants for automobiles and motorbikes. Castrol also makes lubricants for many other applications on land, sea and in the air.
The company acquired Castrol in 2002 and have maintained the brand’s commitment to specialization, innovation and collaboration. Today, Castrol products are sold in more than 150 countries and Castrol is the preferred lubricants partner for Renault, Volvo, Komatsu and many other businesses.
The Castrol brand is synonymous with high performance. Castrol-sponsored motorsport teams and their drivers have broken the land speed record more than 20 times. These partnerships provide a proving ground for some of the most advanced engine oils and fluids ever developed.
Germany's leading fuel retail brand. Every day more than 2.5 million customers visit an Aral service station to fill up on Aral-branded fuels and lubricants, wash their vehicles, or buy high-quality food and drink on the go. Aral is Germany’s leading fuel brand marketer and the country’s third-largest fast-food retailer.
Across five states on the US’s pacific coast – from southern California to north Oregon – ampm is the highway retail-and-rest brand of choice for motorists. With around 950 outlets, many of which are attached to bp fuel stations, the brand is well known for the quality of its food and drinks offer. Ampm opened its first outlet in 1978.
In October 2017, the company announced the reintroduction of its long-standing Amoco brand to the US fuel retail sector – around a century after the first Amoco service station opened in Minneapolis, Minnesota.
Officially known as Standard Oil of Indiana, Amoco had by 1912 become the largest natural gas producer in North America, with a reach that stretched well beyond its home continent: exploration in 20 countries and production in 14 countries. Amoco produced 13 million tonnes of chemicals a year and was the world’s largest producer of PTA.
However, Amoco and BP merged in 1998, combining their worldwide operations into a single organization. Overnight, the new company, BP Amoco, became the largest producer of both oil and natural gas in the US. In 2001, BP Amoco changed its brand to simply ‘BP’.
The 2017 reintroduction of Amoco as a retail brand alongside bp is taking place in US cities with potential additional growth opportunities.
Wild Bean Café
Wild Bean Cafe offers good food and high-quality coffee for motorists in the UK and mainland Europe, Australia, South Africa, China and Russia.
Wild Bean Cafe is a brand on the move, with new branches opening all the time, many of them attached to BP Connect fuel stations. The brand offer is evolving too – it now includes freshly baked goods and barista-prepared coffees.
Starting in 1908 with the discovery of oil in Persia, its story has always been about transitions – from coal to oil, from oil to gas, from onshore to deep water, and now onwards towards a new mix of energy sources as the world moves into a lower carbon future
|On 28 May, William Knox D’Arcy is granted a 60-year concession to search for oil and gas across most of Persia.
|Drilling begins in November in the Chiah Surkh mountains, 350 miles west of Tehran, under the direction of engineer George Reynolds.
|A new search for oil takes Reynolds to Shardin, 100 miles north-east of Basra.
|Burmah Oil provides another £40,000 and the drilling of two wells begins. Finally, on 26 May, a 25 metre-high fountain of oil bursts into the sky.
|The prospectus for a new company, the Anglo-Persian Oil Company, is issued on 19 April in London and Glasgow.
|A 145-mile pipeline running from a new pumping station at Tembi to the banks of the Bahmashir River at Abadan is completed in April and construction of a refinery there is underway.
The Anglo-Persian Oil Company signs a deal with the British government to supply the navy with 40 million barrels of oil over the coming 20 years in return for £2 million and a majority shareholding.
Six weeks later, the First World War begins.
|The British Tanker Company, a subsidiary set up in 1916, reaches a capacity of 150,000 tons across five tankers.
|Oil is discovered in Iraq – in what is to become the immense Kirkuk field, with Baba Gurgur at its heart.
|A new, 60-year concession is agreed with Persia, reduced to 100,000 sq miles - still larger than the whole of the UK.
|Two pipelines, running from Kirkuk to Tripoli in the Lebanon and Haifa in Palestine, totalling 1,152 miles, are completed – and a new refinery opens in Haifa in 1939.
|The Anglo-Persian Oil Company is renamed the Anglo-Iranian Oil Company.
|The Iraq Petroleum Company begins construction of new pipelines parallel to existing ones.
With no income, Iran accepts a new partnership proposal, including a 25-year contract to manage the country’s oilfields and refineries and a 50-50 profit split between it and a new consortium called Iranian Oil Participants, of which Anglo-Iranian has a 40% share.
In December, the Anglo-Iranian Oil Company changes its name to British Petroleum
|BP acquires its first concessions in Libya and in 1961 discovers a 6.5 billion-barrel field at Sarir.
|BP forms two joint ventures to sell Middle East crude oil in the US and to begin exploration in Latin America.
|BP enters Malaysia and in 1964 opens its first service stations in newly separated Singapore.
|In the US, BP buys the remaining 45% share in Standard Oil it did not already own. It later buys Britoil in the UK. At the same year it was listed on the Tokyo Stock Exchange where its shares were traded until delisting in 2008.
Robert Horton replaces Walters and carries out a major corporate down-sizing exercise removing various tiers of management at the company's head office.
BP enters the Russian market and opens its first service station in Moscow in 1996.
|BP acquires a 10% stake in Russian oil company Sidanco, which later becomes a part of TNK-BP.
|In 2000, BP Amoco acquired both the US-based oil and gas company ARCO and the lubricants and speciality chemicals company Burmah Castrol.
|In 2001, BP announced the purchase of Veba Oil from E.On, bringing Aral – the leading retail brand in Germany – into the BP Group.
|In 2003, BP and a grouping of Russian businessmen, AAR, announced the combination of BP’s Russian interests with AAR’s TNK to form TNK-BP, a 50:50 joint venture that would be the third-biggest oil and gas company in Russia. Bob Dudley was appointed chief executive.
|In 2008, BP acquired a 50% stake in Tropical Bioenergia, making its entry in the Brazilian sugarcane-to-bioethanol industry.
|In the same year, BP signed up as a partner to London 2012, the 2012 Olympic and Paralympic games.
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