Overview of BP plc, originally the Anglo-Persian Oil Company, a British multinational oil and gas company. Founded in 1909 following the discovery of oil in Persia, BP grew through major discoveries in the North Sea and Alaska, mergers with Amoco and ARCO, and faced significant crises including the Iranian nationalization, Deepwater Horizon spill, and the Texas City refinery explosion.
William Knox D'Arcy obtains a 60-year oil concession from the Shah of Persia, covering most of the country except northern provinces. This concession leads to the discovery of oil in 1908 and the founding of the Anglo-Persian Oil Company. #oil #history
After years of drilling, a massive gusher strikes oil at Masjed Soleyman in southwestern Persia, marking the first major oil discovery in the Middle East. This event leads to the formation of the Anglo-Persian Oil Company. #oil #discovery
The Anglo-Persian Oil Company (APOC) is established in London, with D'Arcy as a major shareholder and Burmah Oil as a key partner. The company aims to exploit the Persian oil discoveries, laying the foundation for BP. #oil #corporate
Under First Lord of the Admiralty Winston Churchill, the British government purchases a 51% stake in APOC to secure oil for the Royal Navy. This move cements the company's strategic importance. #oil #government
APOC acquires the British Petroleum (BP) trademark and service station network from the defunct British Petroleum Company. The BP brand becomes the company's retail fuel brand. #oil #branding
APOC expands the Abadan Refinery in Iran, which becomes the world's largest oil refinery by the 1940s. This investment boosts Middle East oil processing capacity. #oil #refinery
Following the official name change of Persia to Iran, APOC renames itself the Anglo-Iranian Oil Company (AIOC). The name reflects the company's primary asset in Iran. #oil #corporate
Iran's parliament nationalizes the oil industry, seizing AIOC assets. Prime Minister Mohammad Mossadegh leads the effort, sparking a major international crisis. AIOC's operations in Iran are halted. #oil #nationalization
After a coup reinstates the Shah, a new consortium is formed to run Iranian oil. AIOC is renamed British Petroleum (BP), with a 40% stake in the consortium. The company's headquarters remain in London. #oil #rebranding
BP discovers the West Sole gas field in the UK North Sea, the first commercial gas find in the North Sea. This marks BP's entry into North Sea exploration and production. #oil #gas
BP begins oil production from the West Sole field, marking the first oil from the UK North Sea. The Forties field discovery follows in 1970, boosting UK energy security. #oil #northsea
BP acquires a stake in Sohio in exchange for its Alaskan North Slope oil reserves, including the giant Prudhoe Bay field. This gives BP access to the US market. #oil #alaska
BP discovers the Forties oil field in the UK North Sea, one of the largest fields in British waters. The field begins production in 1975, making the UK a major oil producer. #oil #northsea
BP's Forties field comes onstream, producing oil via a massive platform. The field quickly becomes a key part of UK energy supply and BP's portfolio. #oil #production
The Iranian Revolution and subsequent Islamic Republic abrogate the consortium agreement, expelling BP from Iran. BP loses its remaining direct access to Iranian oil. #oil #revolution
BP exercises an option to increase its stake in Sohio to majority control, eventually purchasing the rest. Sohio becomes BP's main US subsidiary. #oil #acquisition
The UK government sells its remaining 31.5% stake in BP as part of privatization under Margaret Thatcher, making BP a fully private company. #privatization #oil
BP begins investing in the Caspian region, signing agreements for oil exploration in Azerbaijan. This marks the start of BP's major presence in the former Soviet Union. #oil #russia
BP announces a $48.2 billion merger with Amoco (formerly Standard Oil of Indiana), forming BP Amoco. The deal creates one of the world's largest oil companies. #merger #oil
BP acquires Atlantic Richfield Company (ARCO) for $27 billion, adding major Alaskan and US West Coast assets. The deal is approved after concessions. #acquisition #oil
BP buys Burmah Castrol, a leading lubricants company, for $4.8 billion. Castrol becomes a key part of BP's downstream portfolio. #lubricants #acquisition
A massive explosion at BP's Texas City refinery kills 15 workers and injures 180. The disaster leads to billions in fines and lawsuits, highlighting safety failures. #safety #disaster
BP discovers a leak in its Prudhoe Bay oil transit pipeline in Alaska, leading to a shutdown and criminal charges. The incident sparks debates about aging infrastructure. #oil #environment
BP forms TNK-BP joint venture in Russia with Alfa Group, Access Industries, and Renova. Later, in 2013, BP sells its 50% stake to Rosneft for $12.3 billion. #oil #russia
The Deepwater Horizon drilling rig explodes in the Gulf of Mexico, killing 11 workers and causing the largest marine oil spill in history. BP faces $65 billion in costs and a major reputation crisis. #oilspill #disaster
BP begins a massive asset sale program, divesting over $38 billion in assets including stakes in Alaska, the North Sea, and other regions. The funds go toward spill compensation and clean-up. #oil #divestment
BP sells its stake in TNK-BP to Rosneft in exchange for cash and a 19.75% stake in Rosneft, becoming the largest private shareholder. This deepens BP's ties with Russia. #oil #russia
BP pledges to reduce carbon emissions and invest in renewable energy, setting a target to become net-zero by 2050. The move signals a shift toward sustainability. #climate #oil
BP buys BHP's U.S. onshore shale oil and gas assets for $10.5 billion, strengthening its position in the Permian Basin. This is BP's biggest acquisition since the spill. #oil #shale
BP announces a record $16.8 billion quarterly net loss due to write-offs and pandemic-era oil demand collapse. The company accelerates its shift to renewables. #finance #oil
BP announces it will sell its 19.75% stake in Rosneft in response to Russia's invasion of Ukraine, incurring up to $25 billion in charges. The exit ends BP's long Russian involvement. #oil #geopolitics
BP reports a record annual profit of $27.7 billion for 2022, driven by surging oil and gas prices after the Ukraine war. The profit sparks renewed calls for windfall taxes. #finance #oil