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BP has started oil production at a new Azeri Central East (ACE) offshore platform in the Caspian Sea, the company said on Tuesday, bolstering declining oil output in the ex-Soviet country.
British oil giant BP (NYSE: BP ) recently announced job cuts in its electric vehicle charging sector, the latest example of BP layoffs. Indeed, the firings are directed toward BP Pulse to redirect company attention toward its most profitable branches amid growing sentiments away from oil and gas-powered energy.
BP has cut over a tenth of the workforce in its electric vehicle charging business and pulled it out of several markets after a bet on rapid growth in commercial EV fleets didn't pay off, company sources said.
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2023 was a forgettable year for hydrogen stocks and the broader clean energy industry. Geopolitical issues, heightened interest rates, and rampant inflationary pressures were to blame for clean energy's lackluster showing.
The emergence of a possible bid for BP by the United Arab Emirates' state-owned oil group has thrown a spotlight on the vulnerability of the Britain's largest companies to takeover and the threat to London as a global capital markets hub.
BP struggles to keep pace with its competitors, a factor that analysts and investors point to as a significant reason behind its vulnerability to takeovers.
Could British oil and gas supermajor BP plc be the next jewel in the crown of the FTSE 100 to be snapped up by a foreign competitor? According to a Reuters report, the Abu Dhabi National Oil Company (Adnoc) is exploring a bid for the £90 billion corporation, having sought advice from investment banks on the deal.
The United Arab Emirates' state-owned oil company recently considered buying Britain's BP but the deliberations did not progress beyond preliminary discussions, people familiar with the matter told Reuters.
There are opportunities for energy companies with a footprint in oil & gas resources or transporting commodities and the clean energy space. Three such firms are BP, Shell (SHEL) and Enbridge (ENB).