- Business
- BP p.l.c. is a British multinational oil and gas supermajor that explores, produces, refines, markets and trades energy products including crude oil, natural gas, liquefied natural gas, refined petroleum products such as gasoline, diesel, jet fuel and lubricants, petrochemicals, and low-carbon energy solutions encompassing solar, wind, biofuels, hydrogen and electric vehicle charging; it operates approximately 21,200 service stations worldwide under the BP, Amoco and Aral brands, alongside Castrol lubricants and brands like BP Pulse for EV charging. Founded in 1909 as the Anglo-Persian Oil Company and headquartered in London, England, with major operations in 61 countries across Europe, North America, Asia, Africa and South America, including significant upstream activities in the US Gulf of Mexico, Azerbaijan, Iraq and Angola; downstream refining in the US and Europe; and growing renewables through Lightsource bp. In recent developments, BP completes its acquisition of the remaining 50.03% stake in Lightsource bp in January 2025, bolstering its 62GW solar and battery storage pipeline across 19 markets; acquires Bunge Bioenergia in June 2024, boosting ethanol output to 50,000 barrels per day; announces a $7 billion investment with partners in November 2024 for carbon capture and gas expansion at Indonesia's Tangguh field targeting 2028 production start; discovers its largest oil and gas field in 25 years in Brazil's Santos Basin in August 2025; shifts strategy in February 2025 to cut renewables investment by over £5 billion while raising oil and gas spending 20% to $10 billion annually; plans workforce reduction of 4,700 staff and 3,000 contractors in January 2025; and appoints Albert Manifold as chairman effective October 2025.