Profile: BP PLC (BP)
3 Jun 2015
BP p.l.c. (BP), incorporated on April 14, 1909, is an oil and gas company. The Company provides fuel for transportation, energy for heat and light, lubricants for engines and petrochemicals products, which are used in diverse items, such as paints, clothes and packaging. The Company has operations in Europe, the United States, Canada, Russia, South America, Australasia, Asia and parts of Africa. The Company operates through its two segments: upstream and downstream. The Company moves hydrocarbons using pipelines, ships, trucks and trains. The Company develops and invests in biofuels and operates a wind business. BP’s lower-carbon businesses are managed through its Alternative Energy business.
BP’s upstream segment manages exploration, development and production activities. The Company’s activities in oil and natural gas exploration, field development and production are conducted through its Upstream segment. The segment is also engaged in midstream transportation, storage and processing. The Company markets and trade natural gas, including liquefied natural gas, power and natural gas liquids. The Upstream segment’s total hydrocarbon reserves, on an oil equivalent basis, including equity-accounted entities comprise 11,422 million barrels of oil equivalent (mmboe), of which 10,243 mmboe for subsidiaries and 1,179 mmboe for equity-accounted entities, as of 31 December, 2013. The development areas of the Company include Alaska, Angola, Australia, Azerbaijan, Canada, Egypt, the deepwater Gulf of Mexico and the United Kingdom North Sea. The oil and natural gas production assets are located onshore and offshore and include wells, gathering centers, in-field flow lines, processing facilities, storage facilities, offshore platforms, export systems, such as transit lines, pipelines and liquefied natural gas (LNG) plant facilities.
The Company has been exploring in the deepwater Gulf of Mexico and has around 620 lease blocks. BP produces from more than 10 fields, including Thunder Horse and Atlantis. It operates three ethanol production facilities in Brazil, has a joint venture ethanol production facility in the United Kingdom and operates a biofuels technology center in the United States. The Company also has interests in 16 wind farms in the United States. The Company’s activity in the North Sea region ranges from access and exploration to production and decommissioning. It operates over 20 oil and gas fields, two terminals and a network of pipelines. The Company markets and trades natural gas, power and natural gas liquids (NGLs).
In Azerbaijan, the Company operates two production-sharing agreements, as well as holds other exploration leases. In Russia, BP has 19.75% share of Rosneft, an oil company. In Angola, the Company has interests in nine offshore deep and ultra-deepwater blocks with a total acreage of over 32,600 square kilometer. The Company’s Plutao, Saturno, Venus and Marte (PSVM) are subsea developments that produce oil.
Rosneft has assets in various hydrocarbon regions of Russia, including Western Siberia, Eastern Siberia, Timan-Pechora, Volga-Urals, North Caucasus and Far East. Rosneft participates in exploration projects or has operations in countries, including the United States, Canada, Vietnam, Venezuela, Brazil, Algeria, United Arab Emirates, Kazakhstan and Norway. Rosneft has rights to explore and develop hydrocarbon resources in the Russian Arctic offshore, including the Sea of Okhotsk.
The Downstream segment is the product and service-led arm of BP, and it is focused on fuels, lubricants and petrochemicals. The segment has operations in Europe, North America and Asia, and also manufactures and markets products across Australasia, southern Africa and Central and South America. It refines, processes and blends hydrocarbons to make fuels, lubricants and petrochemicals. Its fuels business includes fuels value chains (FVCs), such as refineries, fuels marketing businesses and global oil supply and trading activities. The Company markets refined petroleum products, including gasoline, diesel, aviation fuel and LPG. The segment’s lubricants business manufactures and markets lubricants and related products and services around the world. The Segment’s petrochemical business comprises manufacturing of four product lines: Purified terephthalic acid (PTA), Paraxylene, Acetic acid, Olefins and derivatives. These products are then used by others to make consumer products, such as paint, plastic bottles and textiles.
The Company manufactures and markets lubricants and related products and services directly in approximately 45 countries and use approved local distributors for other geographies. It focuses its resources in markets, such as Brazil, Russia, India and China. The Company’s fuels business is made up of regionally based integrated fuels value chains, which include refineries and fuels marketing businesses together with oil supply and trading activities. It supplies fuel and related convenience services to consumers at approximately 17,800 BP-branded retail sites and have operations in approximately 50 countries. The Company produces petrochemicals products across 15 manufacturing sites, and markets its products to customers in over 40 countries.
Rosneft has interests in 23 refineries, including four in Germany through its Ruhr Oel GmbH partnership with BP. Rosneft also acquired a 21% share in the Saras S.p.A. refinery in Italy.
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Company Web Links
- BP CEO sees oil price 'softness' in second half of 2015
- BP CEO sees oil price "softness" in second half of 2015
- UPDATE 1-BP says to suspend operations at Caspian Sea platform for maintenance
- BP says to suspend operations at Caspian Sea platform for maintenance
- Britain's BP mulling possible new projects in Russia - RIA