British oil and gas company BP acquires Abu Dhabi Oil Field Stake in a deal worth $2.2 bn. This visionary acquisition will help BP secure new reserves and production for the next decade.
After the deal Chief Executive Officer of BP, Bob Dudley said, “It’s time for BP to start growing” as the company starts to recover from the catastrophic oil spill in Gulf of Mexico in 2010. He then added , “we are going to remain very, very disciplined about the capital we spend and projects we select.”
BP is a British oil and gas company headquartered in London, England. Its foundation dates back to May 1908 (as Anglo-Persian Oil Company), 14 April 1909 (as The British Petroleum Company P.L.C), 31 December 1998 (as BP Amoco P.L.C.) and latest 1 May 2001 (as BP P.L.C.).
It 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 interests in bio-fuels and wind power.
As of 31 December 2015, BP had operations in more than 70 countries, produced around 3.3 million barrels per day of oil equivalent, and had total proved reserves of 17.18 billion barrels of oil equivalent. The company has around 17,200 service stations worldwide.