BP vs Vitol: Class of oil trading giants lands on West African turf
Oil major BP has clashed with rival Vitol in the once-languid West African crude market, buying up cargoes and taking a big derivative position that may have raised costs for European refiners. The West African crude market typically sees cargoes of Nigerian and Angolan change hands in back-to-back deals outside the Platts window, a system […]
BP profits jump 71% in Q1 2018 on rising oil prices
Rising oil prices helped BP grow profits by 71 per cent in the first three months of 2018. The oil giant reported profits of $2.6bn (£1.9bn) for the first quarter, up from $1.5bn in the same period last year, which “primarily reflects higher oil prices and a favourable foreign exchange impact”. The group said it […]
Oil giant BP names former BG Group and Statoil boss as new chairman
BP, world’s leading integrated oil and gas companies, has named Helge Lund, an energy industry veteran, as its next chairman, succeeding Carl-Henric Svanberg. Lund, who has previously headed BG Group and was a longstanding chief executive at Statoil, will join BP’s board as chairman-designate and a non-executive director on September 1 before taking on the role of chairman […]
Top UK companies under fire over lack of women in boardroom
Some of the UK’s biggest stock market-listed companies including the oil giant BP, the housebuilder Persimmon and the travel firm Tui have been criticised for their lack of women in leadership roles and could face investor revolts in the coming months. The Investment Association, which represents fund managers who collectively own a third of all FTSE-traded shares, […]
Renewable energy grows globally, especially in China- BP
A senior economist at BP said on Friday that rapid growth of renewables is leading to a fuel mix that could be the most diversified ever, with the largest increase in China. Spencer Dale, group chief economist at BP, delivered the report of “BP Energy Outlook 2018” at Baker Institute’s Center for Energy Studies at […]
ExxonMobil, Shell, Chevron, Total, BP cautious despite profiting from oil price rebound
The world’s leading oil companies published a bumper crop in profits last year as rising crude prices helped turn their fortunes around, but they remain cautious and are unlikely to rush out on a new spending spree just yet. In a flourish of earnings reports over the past week, the picture painted by majors ranging […]
BP, Shell lead plan for blockchain-based energy trading platform
A consortium including energy companies BP and Royal Dutch Shell will develop a blockchain-based digital platform for energy commodities trading expected to start by end-2018, the group said Monday. Other members of the consortium include Norwegian oil firm Statoil, trading houses Gunvor, Koch Supply & Trading, and Mercuria, and banks ABN Amro, ING and Societe […]
Electric car boom drives rush to mining’s $90 billion hub
A scramble by the lithium market’s biggest players to tie up a supply of the high-tech metal is gathering pace in the 170-year-old heartland of Australia’s $90 billion mining industry. Rising Chinese demand for lithium-ion batteries needed for electric vehicles and energy storage is driving significant price gains and an asset boom in Australia, already the world’s largest lithium producer. The fast-developing hub is […]
Kosmos, BP partner in ECOWAS, plans September London listing
Kosmos Energy, the West African partner of an international oil major, British Petroleum (BP), has concluded plans to list on the London Stock Exchange by the end of September, it has emerged. Along with BP, it is exploring for gas offshore Senegal and Mauritania, and the listing is aimed at attracting more European investors, the […]
Shell, ExxonMobil, Chevron, Total, BP face S&P downgrade if oil prices below $50
Big oil firms would face increased credit rating downgrade pressures if crude prices stayed below $50 a barrel on average until the end of 2018 and they did not compensate by cutting costs, S&P Global said on Wednesday. S&P currently has downgrade warnings – or negative outlooks in rating agency parlance – on ExxonMobil, Chevron […]