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British Petroleum

BP P.L.C., also known to people by its former name, British Petroleum, is a British owned international oil and gas that has its headquarter in London, England. It is one of the world’s top seven oil and gas producing companies.

Its performance in 2012 made it rank as the world’s sixth-largest oil and gas-producing company; by market capitalization, the sixth-largest energy company and the company with the world’s fifth-largest revenue (turnover).

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BP P.LC. is a vertically integrated company, which operates in all areas of the oil and gas industry, which includes the exploration and production of oil and gas, refining, distribution and marketing, petrochemicals, trading and power generation. It also has renewable energy interests in biofuels and wind power.

BP had operations in more than 70 countries, produced around 3.3 million barrels per day (520,000 m3/d) of oil equivalent, and had total proved reserves of 17.18 billion barrels (2.731×109 m3) of oil equivalent as of December 2015.

BP P.L.C. has around 17,200 service stations worldwide. Its largest division is BP America in the United States.

BP owns a 19.75% share in Russia’s Rosneft, the world’s largest publicly traded oil and gas company, judging by its production and reserves of hydrocarbon.

BP has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. BP also has secondary listings on the Frankfurt Stock Exchange and the New York Stock Exchange.

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BP History

A large amount of oil was discovered by a group of British geologists in May 1908 at Masjid-i-Suleiman in Mohammerah, which is known today as the Iranian province of Khuzestan. This was the first commercially significant discovery of oil in the Middle East.

William Knox D’Arcy had a contract with the Emir of Mohammerah, Sheikh Khaz’al Khan al-Kaabi, which gave him the permission to explore for oil for the first time in the Middle East. This event caused a major change to the history of the Middle East.

As a result of this oils discovery, petrochemical industry was developed, and also the industries that strongly depended on oil were established. On 14 April 1909, the Anglo-Persian Oil Company (APOC) was incorporated as a component of Burmah Oil Company.

Some of the company’s shares were sold to the public. Lord Strathcona became the first chairman and minority shareholder of the company.

Just after the company was established, Percy Cox, British resident to Bushehr, was asked by the British government to negotiate an agreement with Khaz’al for APOC to obtain a site on Abadan Island for a refinery, depot, storage tanks, and other operations.

The refinery was constructed and it started operating in 1912. In 1913, the British Government got a controlling interest (50.0025%) in the company and at Winston Churchill’s suggestion, the British navy switched from coal to making use of oil. The Royal Navy, which projected British power all over the world, came to be run 100% on oil from Iran.

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APOC established its shipping subsidiary, known as “the British Tanker Company” in 1915, and in 1916 it acquired the British Petroleum Company, which served as a marketing arm of the Britain-based German Europäische Petroleum Union.

In 1919, the company became a shale-oil producer by establishing a subsidiary named Scottish Oils which merged remaining Scottish oil-shale industries.

BP P.L.C.’s Operations

BP operates in more than 70 countries worldwide with its global headquarters situated in London, United Kingdom. BP had about 79,800 employees worldwide as of December 2015. BP operations are categorized into two main business segments, Upstream and Downstream.

Since 1951, BP has published its Statistical Review of World Energy every year, which is regarded as an energy industry benchmark.

British Petroleum Corporate affairs

By market capitalization, BP is the fifth-largest energy company; measured by 2012, BP was ranked as the fifth-largest company in the world; it was also ranked as the sixth largest oil and gas-producing company, measured by its 2012 production.

In 2015, BP P.L.C.’s revenue was US$225.982 billion; it had operating loss of $9.571 billion and its net loss was $6.400 billion.

Carl-Henric Svanberg is the chairman of the BP’s board of directors, while the company’s chief executive officer is Robert Dudley

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