BP plc (LSE: BP, NYSE: BP) is a British multinational oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by 2011 revenues and is one of the six oil and gas "supermajors". It is vertically integrated and operates in all areas of the oil and gas industry, including exploration and production,refining, distribution and marketing, petrochemicals, power generation and trading. It also has renewable energy activities in biofuelsand wind power. BP has operations in over 80 countries, produces around 3.4 million barrels of oil equivalent per day and has around 21,800 service stations worldwide. Its largest division is BP America, which is the second-largest producer of oil and gas in the United States.Up to deal with Rosneft, announced on 22 October 2012, BP owned 50% of TNK-BP, which is the third-largest oil company in Russia measured by both reserves and crude oil production. As of December 2011, BP had total proven commercial reserves of 17.75 billion barrels of oil equivalent. BP has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market capitalisation of £81.4 billion as of 6 July 2012, the fourth-largest of any company listed on the London Stock Exchange. It has a secondary listing on the New York Stock Exchange. BP's origins date back to the founding of the Anglo-Persian Oil Company in 1909, established as a subsidiary of Burmah Oil Companyto exploit oil discoveries in Iran. In 1935, it became the Anglo-Iranian Oil Company and in 1954 British Petroleum. In 1959, the company expanded beyond the Middle East to Alaska and in 1965 it was the first company to strike oil in the North Sea. British Petroleum acquired majority control of Standard Oil of Ohio in 1978. Formerly majority state-owned, the British government privatised the company in stages between 1979 and 1987. British Petroleum merged with Amoco in 1998 and acquired ARCO and Burmah Castrol in 2000. BP has been involved in several major environmental and safety incidents, including the 2010 Deepwater Horizon oil spill, the world’s largest accidental release of oil into marine waters. In 1997 it became the first major oil company to publicly acknowledge the need to take steps against climate change. -------------------------------------------------
1909 to 1979
Further information: Anglo-Iranian Oil Company and Iraq Petroleum Company
William Knox D'Arcy
A 1922 BP advertisement
In May 1901, William Knox D'Arcy was granted a concession by the Shah of Iran to search for oil, which he discovered in May 1908.This was the first commercially significant find in the Middle East. On 14 April 1909, the Anglo-Persian Oil Company (APOC) was incorporated as a subsidiary of Burmah Oil Company to exploit this. APOC and the Armenian businessman Calouste Gulbenkian were the driving forces behind the creation of Turkish Petroleum Company (TPC) in 1912; and by 1914, APOC held 50% of TPC shares. TPC was promised an oil exploration concession in Mesopotamia (now Iraq) by the Ottoman government. In 1923, Burmah employed future Prime Minister, Winston Churchill as a paid consultant; to lobby the British government to allow APOC have exclusive rights to Persian oil resources, which were successfully granted. In 1925, TPC received concession in theMesopotamian oil resources from the Iraqi government under British mandate. TPC finally struck oil in Iraq on 14 October 1927. In 1928, the APOC's shareholding in TPC, which by now named Iraq Petroleum Company (IPC), would be reduced to 23.75%; as the result of the changing geopolitics post Ottoman empire breakup, and the Red Line Agreement. In 1935, Rezā Shāh requested the international community to refer Persia as 'Iran', which reflected in the name change of APOC to theAnglo-Iranian Oil Company (AIOC). The...
Please join StudyMode to read the full document