BP (formerly: British Petroleum) BP plc (NYSE: BP) was established in 1889 and is headquartered in London, England, with 67,600 full-time employees. It is one of the largest petroleum and petrochemical companies in the world.
BP plc, formerly known as British Petroleum, is one of the world’s largest private oil companies (ie one of the seven sisters of international petroleum) and one of the world’s top ten private enterprise groups. It opened in 2012 The amount reached 388.285 billion US dollars. The company’s predecessor was Anglo-Persian Oil Company (Anglo-Persian Oil Company), which was founded in 1908, and was renamed “British Petroleum” in 1954. The company integrates oil exploration, gas exploration, oil refining, oil storage, oil sales, retail and other business areas. In 2001, “BP” ceased to be the abbreviation of “British Petroleum” and became the official name of the company. In advertising, the company sometimes uses “Beyond Petroleum” to promote its business.
BP has expertise in the process technology and production of ethylene, polyethylene and acetic acid. The production capacity of ethylene and polyethylene each account for 10% of the entire Western Europe, ranking second in Europe. It has a new process for producing high-density polyethylene and low-density linear polyethylene by gas phase method. Acetic acid production capacity accounts for 32% of the entire Europe. BP International Petroleum Company has patented technologies in lubricating oil hydrorefining, distillate oil hydrorefining, hydrocracking, paraffin wax hydrorefining, catalytic dewaxing, isomerization, etc.
BP is divided into 3 departments to operate: Upstream (upstream), Downstream (downstream), and Rosneft.
- Upstream : engaged in oil and natural gas exploration, oil field development and production; oil and gas transportation, storage and processing; natural gas marketing and trading, including liquefied natural gas (LNG) and electric natural gas liquids (NGL). The department owns and manages crude oil and natural gas pipelines; processing equipment and export terminals; and LNG processing facilities and transportation, as well as engaging in NGLs processing business.
- Downstream : Provide crude oil, petroleum and petrochemical products and related services to wholesale and retail customers, including: refining, manufacturing, sales, transportation, supply and trade; provide gasoline, diesel and aviation fuel; provide for the automotive, industrial, marine and energy markets Lubricants and related products and services, brands include: Castrol, BP and Aral; provide petrochemical products, such as pure terephthalic acid, p-xylene, acetic acid, olefins and derivatives, and specialty petrochemical products.
- Rosneft : engaged in the exploration and production of hydrocarbons, as well as jet fuel, refueling, asphalt and lubricant activities. The department also owns and operates 13 oil refineries in Russia; there are approximately 2,950 retail service stations (gas stations) in Russia and internationally.
- BP also produces bioethanol and biobutanol; exports the electricity generated from sugarcane waste to the local grid; transports hydrocarbon products through time-specific and chartered ships; owns 1,452 megawatts of power generation rights in 14 onshore wind farms .
- In 1908, the British William Knox D’Arcy obtained the approval of the Iranian King to begin commercial exploitation of the oil resources he discovered in the Persian Gulf in 1901.
- On April 14, 1909, the newly formed “Anglo-Persian Oil Company” (Anglo-Persian Oil Company, APOC) was put into this development. When the First World War broke out, the British government recognized the importance of oil resources and began to acquire shares in the company. The company also began to provide fuel to the Royal Navy. After the war, the British government already owns 51% of the shares and has carried out business across Europe.
- In 1931, the company acquired Shell, which it had been cooperating with at the time in marketing, and reorganized into a “Shell-Mex and BP Ltd” (Shell-Mex and BP Ltd), but the company was still responsible for the business in Iran (then Persia). It is APOC. Shell separated from BP in 1975.
- Beginning in the 1960s, BP began to pay attention to the development of oil sources in Alaska in the United States and the North Sea in Europe. This new initiative achieved mass production in the 1970s, enabling BP to fight the two subsequent oil crises.
- In order to expand its business in the United States, BP acquired the “Standard Oil of Ohio” (Standard Oil of Ohio) in the 1970s.
- Beginning in 1971, some or all of the equity in the Middle East National Petroleum Company was nationalized by the local government. In 1979, the revolution in Iran occurred and BP’s hegemony in Iran ended.
- In 1973, BP China was established.
- Sir Peter Walters served as chairman of British Petroleum in 1981 and 1990 , it was the era of the implementation of the privatization strategy of the Thatcher government. The British government sold all BP assets held by it in batches from 1979 to 1987. The entire process was marked by the Kuwait Investment Office’s attempt to purchase and obtain control of BP. This transaction was eventually interrupted by the strong opposition of the British government. In 1987, BP negotiated for the acquisition of Brittall Oil Company and retained the publicly traded shares of Ohio Standard Oil.
- Sir Walters was replaced by Robert Horton as chairman in 1989. Horton carried out a major layoff measure to abolish the multi-level management department of BP headquarters. Sir Martin Glee Brown, who served as the Managing Director of the Board of Directors in 1991, was appointed as Group Executive President in 1995. Brown was responsible for three major mergers and acquisitions, Amoco, Arco and Castrol.
- BP merged with Amoco (formerly Indiana Standard Oil) in December 1998 to become BP Amoco. In 2000, the new company was renamed BP and adopted “Beyond Petroleum.” The propaganda slogan has continued to this day, indicating that BP is not an abbreviation for propaganda slogans. Most American Amoco gas stations have changed their appearance and changed their names to the BP brand.
- In 2000, BP acquired Arco Atlantic Ridgefield and Castrol.
- In April 2004, BP decided to integrate most of its petrochemical industry into the group’s next separate entity called “Yinuo”. The purpose is to sell the new company through an initial public offering in the United States. In fact, they submitted an initial public offering plan to the New York Stock Exchange on September 12, 2005. Then, on October 7 of that year, BP announced that they had agreed to sell Inova to Ineos, a privately-owned chemical company in the United Kingdom, for a total value of US$9 billion, thus abandoning the initial public offering plan.
- On March 23, 2005, an explosion occurred at BP’s Texas City refinery in Texas City.
- In 2005, BP announced that it would abandon the Colorado market. Many gas stations were replaced by Conner brand.
- In March 2006, a BP oil pipeline leak on the North Slope of Alaska in the United States caused crude oil to leak into the tundra, leading to BP’s commitment to replace more than 16 miles (26 kilometers) of federally required crude oil transfer pipelines. As of the end of 2007, half of the pipelines had been replaced, and all 16 miles (26 kilometers) of pipelines were tested to be normal.
- The oil spill in the Gulf of Mexico on April 20, 2010, also known as the BP oil spill, was an oil spill off the Gulf of Mexico on April 20, 2010. The cause was a failure and explosion of an offshore oil drilling platform named “Deepwater Horizon” owned by BP, which caused the oil spill. The explosion also resulted in the death of 11 staff and 17 injuries. It is estimated that an average of 60,000 barrels of crude oil leaks into the Gulf of Mexico every day, causing at least 2,500 square kilometers of seawater to be covered by oil. Experts worry that the oil spill will cause an environmental disaster and affect a variety of organisms. The oil spill also affected local fisheries and tourism.
- On October 23, 2012, BP agreed to sell 50% of TNK-BP to Rosneft for US$27 billion . Rosneft will use 17.1 billion U.S. dollars in cash and 12.84% of the shares to acquire 50% of the TNK-BP shares held by BP. BP plans to use part of the proceeds from the transaction to purchase an additional 5.66% of Russian oil. Once the transaction is completed, BP’s shareholding in Russian oil will increase to 19.75%.
- On June 28, 2018, BP acquired Chargemaster, the largest electric vehicle charging company in the UK, but did not disclose the price. Chargemaster operates more than 6,500 charging points in the UK. After the acquisition, it will be renamed BP Chargemaster and combined with the company’s existing 1,200 gas stations.
- On July 27, 2018, BP acquired most of BHP Billiton ’s onshore oil and gas assets in the United States for US$10.5 billion , including Eagle Ford, Haynesville and the Permian in eastern New Mexico. Basin (Permian basin).
BP is one of the seven sisters of international petroleum (by 2015, 4 of the 7 companies will continue to operate, they are Exxon Mobil, Shell, BP, and Chevron). They are:
- Standard Oil of New Jersey (US-owned), later Exxon Corporation, now Exxon Mobil
- Shell (UK-Dutch joint venture)
- British Persian Oil Company (British capital), now British Petroleum Company
- New York Standard Oil (US-owned), later Mobil Oil Company, later merged with Exxon to form Exxon Mobil
- Texaco (US-owned), later merged with Chevron to become ChevronTexaco, later renamed Chevron
- California Standard Oil (US-owned), later renamed Chevron
- Gulf Oil (US), became Chevron part of
BP’s main business is oil and gas exploration and development; oil refining; natural gas sales and power generation; oil retail and transportation; and petrochemical production and sales. The scope of business involves oil and gas exploration, mining, refining, transportation, sales, petrochemical and coal, non-ferrous metals, computers, shipping, insurance and many other aspects.