BP plc

New Capabilities

JIP participant

SLB OneSubsea has finished a joint industry project in Brazil that qualifies fully electric subsea production equipment for water depths up to 3,000 meters. The work with TotalEnergies, Equinor, bp and Chevron, under Brazil's National Petroleum Agency research rules, replaces the hydraulic pressure that has long operated subsea valves and chokes with electric motors.

Updated Oct 26

Money Moves

As of May 2026: Undergoing $20 billion restructuring under activist pressure

BP has operated the Gelsenkirchen refinery complex in western Germany since 2002. On March 19, it agreed to sell the 265,000-barrel-per-day facility and its 1,800 workers to Klesch Group, an independent European refiner with a record of buying distressed assets from oil majors. The same day, BP raised its cost-reduction target by another billion dollars to $6.5–7.5 billion by 2027—the second increase in five weeks.

Updated May 30

Money Moves

As of May 2026: Searching for permanent chair; mid-strategic reset under new CEO

BP's board removed chair Albert Manifold on Tuesday, eight months after he took the role. London-listed shares fell as much as 9%. Directors cited serious concerns about governance standards, oversight and conduct.

Updated May 26