bp has completed the sale of a 65 per cent stake in Castrol to Stonepeak for $6 billion, with proceeds directed towards reducing financial obligations. Castrol will operate independently, while bp retains a 35 per cent interest.
bp has reported the presence of hydrocarbons at an exploration well in the deep-water Tupinambá block in Brazil’s Santos Basin, notifying the Brazilian National Agency for Petroleum, Natural Gas and Biofuels (ANP) of the discovery.
bp and the State of Louisiana have reached an agreement to resolve longstanding Deepwater Horizon disputes, including an early payment of approximately $350 million under a 2015 settlement and the resolution of remaining coastal zone lawsuits involving the company.
bp confirmed preliminary results from the Volans-1X well in Namibia's Orange Basin, operated by Rhino Resources (42.5 per cent interest). Co-venturers include Azule Energy (42.5 per cent), NAMCOR (10 per cent), and Korres Investments (5 per cent). bp also holds a 50 per cent interest in Azule Energy.
TechnipFMC announced the signing of a Memorandum of Understanding (MoU) with BP Exploration & Production, a subsidiary of BP, establishing a framework for the two companies to cooperate on the supply of 20,000 psi (20K) subsea tree systems for BP’s Paleogene projects in the Gulf of America.
bp has started up its sixth major upstream oil and gas project of 2025 with production from the Murlach field in the UK North Sea. The six projects add around 150,000 barrels of oil equivalent per day (boed) combined peak net production, contributing to bp’s target to deliver an additional 250,000 boed combined peak net production by the end of 2027.
Corteva and bp announced the launch of Etlas, their new 50:50 joint venture that will produce oil from crops – including canola, mustard and sunflower – for use in the production of biofuels like sustainable (or synthetic) aviation fuel (SAF) and renewable diesel (RD).
