British Petroleum Plc (BP) is a British multinational oil and gas company headquartered in London, England with the operational footprint in 70 countries worldwide. The company’s performance in 2012 made her the sixth-largest oil and gas company in the world.
BP’s market capitalization is largely responsible for its ranking as the sixth-largest energy company in the world. However, the performance and revenue of the company also earns recognition making BP the 12th-largest revenue (turnover) company in the world.
BP is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading. It also has renewable energy interests in biofuels and wind power.
The company’s commitment to its values and goals led to an announcement on Tuesday, 25 December 2018 of an investment decision, for developing the Greater Tortue Ahmeyim project, located offshore Mauritania and Senegal.
The project is touted to be the deepest offshore liquefied natural gas (LNG) development in Africa. Importantly, the investment plans for the phase 1 development of the LNG project reflects BP’s focus to capitalize on the rising gas demand for clean energy.
In the LNG development, BP has an operatorship interest with a 62% stake in Mauritania and 60% stake in Senegal. The remaining 38% and 40% stakes respectively will be that of other partners which include Kosmos Energy Ltd.
BP’s focus on renewable energy is growing stronger year on year and as part of the company’s approach to building an alternative energy business, BP is growing its existing businesses and further developing new businesses and partnerships to deliver sustainable value.
In 2017, BP announced a planned investment of $200 million to acquire a 43% stake in the solar energy developer Lightsource Renewable Energy, a company which will be renamed Lightsource BP.
In March 2017, the company acquired Clean Energy’s biomethane business and assets, including its production sites and existing supply contracts. In April 2017, its subsidiary, Butamax bought an Isobutanol Production Company Nesika Energy.
The investment in Africa on Greater Tortue Ahmeyim project located in Mauritania and Senegal further highlights BP’s commitment to clean energy and lowering greenhouse gas emission. In a statement made recently by the chief executive, Bob Dudley “It’s not a race to renewables, it’s a race to lower greenhouse gas emissions. As fast as renewables and clean energy can grow, faster than any fuel in history, the world is going to require oil and gas for some decades to come,”
