BP is the fourth-largest investor-owned oil company in the world by 2021 revenues (after ExxonMobil, Shell, and TotalEnergies). Its largest division is BP America in the United States. The company has around 18,700 service stations worldwide, which it operates under the BP brand (worldwide) and under the Amoco brand (in the United States) and the Aral brand (in Germany). Īs of 31 December 2018, BP had operations in nearly 80 countries, produced around 3.7 million barrels per day (590,000 m 3/d) of oil equivalent, and had total proven reserves of 19.945 billion barrels (3.1710 ×10 9 m 3) of oil equivalent. BP had earlier promised to divest the Rosneft holdings but was unable to find a buyer instead BP wrote the assets off their books in a $25 billion non-cash charge. in 2001.įrom 2003 to 2013, BP was a partner in the TNK-BP joint venture in Russia, and as of December 2022 holds a nearly 20% stake in Rosneft - accounting for a third of BP's total production. The company's name was shortened to BP p.l.c. British Petroleum merged with Amoco in 1998, becoming BP Amoco plc, and acquired ARCO and Burmah Castrol in 2000 and Aral AG in 2002. Formerly majority state-owned, the British government privatised the company in stages between 19. British Petroleum acquired majority control of Standard Oil of Ohio in 1978. In 1959, the company expanded beyond the Middle East to Alaska. In 1935, it became the Anglo-Iranian Oil Company and in 1954, adopted the name British Petroleum. It is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and extraction, refining, distribution and marketing, power generation, and trading.īP's origins date back to the founding of the Anglo-Persian Oil Company in 1909, established as a subsidiary of Burmah Oil Company to exploit oil discoveries in Iran. It is one of the oil and gas " supermajors" and one of the world's largest companies measured by revenues and profits. (formerly The British Petroleum Company p.l.c and BP Amoco p.l.c) is a British multinational oil and gas company headquartered in London, England.
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