BP is a vertically integrated in all areas of the oil and gas ind., (stellarprojectsrussia.com) Issuser Address: GCAYV66PSIPXAISGEBAJ5VXHFWCVHCFL356UQ235JRD3EAR55PBZABFA ICO On 29/11/2023 CB:30,000%
Project Aurora & Ukaz asset
BP (formerly The British Petroleum Company and BP Amoco) is considered one of the "O&G Supermajors" and is one of the world's largest companies by revenues and profits. BP 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
It was founded in 1909 as the Anglo-Persian Oil Company to exploit oil discoveries in Iran, and adopted the name British Petroleum in 1954. It acquired majority control of Rockefeller's Standard Oil in 1978, from 2003-2013 was a partner in the TNK-BP joint venture in Russia, and, as of December 2022, holds ~20% stake in Rosneft (which currently accounts for 1/3 of BP's total production and 1/2 of its reserves). In 2022, BP announced it planned to divest their Rosneft holdings (https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-to-exit-rosneft-shareholding.html) due to the Ukrainian SMO, but was "unable to find a buyer" and instead wrote the assets off their books in a $25 billion non-cash charge. Due to the high fuel prices caused by Russia's SMO, BP reported record annual profits in 2022 (based on a replacement cost basis) which was the biggest profits in the whole 114-year long history of BP, making them a prime partner for Project Ukaz's revenue sharing on Stellar
Controversies
BP has a long history of being responsible for a litany of controveries, envrionmental hazards, and incidents, including:
- 1952 funded the army that started the Jebel Akhdar War in Oman in 1954 over oil-rich lands
- 1967 Wreck of Torrey Canyon, Britain's largest oil spill
- 1999 BP Exploration Alaska (BPXA) pleaded guilty to criminal charges stemming from its illegally dumping of waste oil, paint thinner, and other toxic and hazardous substances on the Alaska North Slope
- 2000, 2005, 2013 lawsuits for illegally ("knowingly and willfully") releasing air pollutants and toxic chemicals into the atmosphere, causing asthma and other health-related issues
- 2001-2015 charged by US DOJ, CFTC, and EC for price fixing, market manipulation, and collusion to corner the commodities market
- 2005 Texas City Refinery explosion, 15 deaths, record-setting OSHA fine
- 2006 Prudhoe Bay, the largest oil spill on Alaska's North Slope, $25 million civil penalty, the largest per-barrel penalty at that time for an oil spill
- 2007-2010 one of the worst safety records of any major oil company in USA, accounted for 97% of "egregious, willful" OSHA violations
- 2008 class-action lawsuit for water contamination
- 2008 one of the largest donors to Barack Obama presidential campaign
- 2010 Deepwater Horizon, the largest accidental release of oil into marine waters in history, severe environmental/human health/economic consequences, serious legal and PR repercussions, $4.5+ billion in fines and penalties, $18.7 billion in Clean Water Act penalties, the largest criminal resolution in US history. Total cost of $65+ billion forced them to sell $38 billion in assets to cover the cost
- lobbied for the release of the Lockerbie bombing terrorist in order to avoid further damage its "commercial interests" and disrupt its offshore drilling operations in the region
- Project On Government Oversight (independent non-profit investigating and exposing corruption) listed BP as #1 of 100 worst corporations based on instances of misconduct
Future of BP
BP is shifting towards climate-friendly, low-carbon, and transition strategies and expects its oil and gas production to fall by at least one million barrels a day by 2030, a 40% reduction on 2019 levels. (The reduction excludes non-operated production and BP's stake in Rosneft)
To support this mission, it has shifted strategies to the following:
Electric Vehicle: (2018) operates UK's largest EV charging network under its subsidiary BP Chargemaster, (2019) JV with Didi Chuxing to build out EV charging infrastructure in China, (2020) build out a rapid charging network in London for Uber, (2023) partnership with Tesla to bring Supercharger hardware (fast-charging EV stations) under BP Pulse (https://www.msn.com/en-us/autos/news/tesla-makes-first-of-its-kind-100-million-deal-with-oil-giant-bp-it-was-only-a-matter-of-time/ar-AA1kkqWj) to gas stations and third-party locations in USA and has converted 100 stations in Australia. (https://www.drive.com.au/caradvice/bp-electric-car-charging/) BP has ~18,700 service stations worldwide which can be converted into EV charging stations
Offshore Wind: partnership with Tesla to test battery storage at the Titan 1 wind farm, upgraded Fowler Ridge wind farm, building offshore wind farms in South Korea (https://www.msn.com/en-us/money/news/bp-corio-generation-plan-116b-investment-in-south-korean-wind-farms-report/ar-AA1klQ0b) and Long Island (https://www.forbes.com/sites/gauravsharma/2023/11/22/bp-and-equinor-win-us-government-approval-for-208gw-wind-farm-off-long-island/?sh=77594816e1c8), built Germany's 1st green hydrogen network (https://renewablesnow.com/news/bp-rwe-others-plan-germanys-1st-green-hydrogen-network-691876/), and seeking offshore wind partners in Japan and may invest in hydrogen technology (https://www.nasdaq.com/articles/bp-seeks-partnerships-to-navigate-renewables-storm)
Forestry & Solar: purchased Finite Carbon (the largest forest carbon offsets developer in USA), building solar farm in South Texas (https://jpt.spe.org/bp-begins-construction-on-new-texas-solar-project) through Lightsource BP
Carbon Capture Storage: BP commits to building $138M carbon storage facility at NW Indiana (https://www.msn.com/en-us/money/companies/bp-commits-to-building-138m-carbon-storage-facility-at-nw-indiana-plant/ar-AA1kcpbo) plant
Air & Shipping BP: Air BP provides aviation fuel, lubricants, and services in 50+ countries. BP worked with Rolls-Royce, Virgin Atlantic and others to supply sustainable aviation fuel (SAF) (https://www.bp.com/en/global/corporate/news-and-insights/reimagining-energy/saf-transatlantic-flight.html#01). BP Shipping provides the logistics to move BP's O&G cargoes to market. It manages a large fleet of double-hulled vessels consisting of Very Large Crude Carriers (VLCCs), shuttle tankers, carriers, and coasters, which can be converted to carry other goods
Lunar Robotics: Castrol (acquired by BP in 2002) has partnered with MIT's Media Lab to support the AstroAnt Payload Program. AstroAnts are miniature robots designed to perform inspections and diagnostic tasks on the surfaces of spacecraft, rovers, and landers on the moon. This partnership aims to advance space exploration and enable remote maintenance in environments
Generative AI: (2018) created app called safe2go that Air BP uses to prevent misfuelling with 100% success rate, (2023) BP is the one of the first companies globally to act as a launch partner for the "intelligent AI assistant" known as Microsoft 365 (https://www.rigzone.com/news/bp_says_its_expanding_use_of_generative_ai-22-nov-2023-174793-article/). Copilot for Microsoft 365 is a cloud-based service that integrates with the Microsoft 365 ecosystem: the service uses AI and NLP to automate a variety of daily tasks such as writing emails and managing inboxes and which will automate the workplace and eventually render many jobs redunant in the future
A recent report indicates that BP has to spend $35 billion per year to be net zero compliant by 2050 (https://invezz.com/news/2023/11/23/bp-spend-35-billion-net-zero-compliant-2050/) and plans to focus on renewables, hydrogen, biofuels, and electric mobility
In September 2023, BP CEO Bernard Looney quit over "past relationships with colleagues" that were not fully disclosed (https://news.sky.com/story/bp-chief-executive-bernard-looney-quits-10m-a-year-job-over-past-relationships-with-colleagues-12960097) as required by the company. Despite passing a 2022 investigation where he was found not guilty of breaching the company's code of conduct, recent allegations came to light and Looney was asked to stand down "with immediate effect". He had been a "BP lifer" having joined the company as an engineer at 21years old and climbed the ranks. Looney has been replaced by CFO Murray Auchincloss on an interim basis. Auchincloss was selected to help facilitate the transition of tokenizing BP's wealth into the Stellar blockchain. In November 2023, Egon Zehnder International was contracted to identify a successor (https://www.msn.com/en-gb/money/companies/nestle-workers-thrown-lifeline-as-axed-newcastle-factory-is-sold-to-bakery-business/ar-AA1kFk9A)
Stellar Humanitarian Wealth Transfer:
? Passive Income Assets (https://t.me/QuantumStellarInitiative/22968)
? Project Aurora & Ukaz (https://t.me/QuantumStellarInitiative/21777)