By Laura Sanicola Oct 16 (Reuters) - The problem-plagued Limetree Bay refinery in St. Croix, Virgin Islands, may lose its main supplier of crude, oil major BP, if it isn't successfully up and running by December, according to two people familiar with the matter. The Caribbean refinery's owner, Limetree Bay Ventures, has spent at least $2.7 billion restoring the facility, … [Read more...]
BP Makes First Move in Offshore Wind
British petroleum giant BP is making its first move into the growing offshore wind market by partnering up Norway's Equinor to develop offshore wind farms in the United States. Under the deal, BP will spend $1.1 billion for a 50 percent interest in Equinor’s Empire Wind and Beacon Wind assets located offshore Massachusetts and New York, respectively. Equinor will remain … [Read more...]
BP Books Tanker for Storage at Lowest Rate This Year
By Florence Tan and Roslan Khasawneh SINGAPORE, Sept 10 (Reuters) - Oil major BP has provisionally chartered a supertanker to store crude oil off Malaysia at this year's lowest rate yet, according to industry sources and data on Refinitiv Eikon. The charter is the latest in a flurry of ship bookings made by oil majors and trading houses after tanker rates plunged. A … [Read more...]
BP Writes Off Billions as Covid Redraws Rules of Oil Demand
By Laura Hurst and Amanda Jordan (Bloomberg) --BP Plc will make the biggest writedown on the value of its business since the Deepwater Horizon disaster a decade ago, as the coronavirus pandemic hurts long-term oil demand and accelerates the shift to cleaner energy. In a dramatic revision that prompted questions about the affordability of its dividend, the British giant cut … [Read more...]
BP to Cut 15% of Workforce by Year-End
By Shadia Nasralla and Ron Bousso LONDON, June 8 (Reuters) - BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney's plan to shift the oil and gas major to renewable energy, it said on Monday. Looney told employees in a global online call that the London-based company will cut 10,000 jobs from the current … [Read more...]