By LONDON (Reuters) - BP Chief Executive Bernard Looney’s remuneration was 1.735 million pounds ($2.4 million) in 2020 after it scrapped all bonuses during his first year in office due to the pandemic, the energy group said in its annual report.Slideshow Looney’s pay included 1.18 million pounds in salary and 351,000 pounds in shares, while he and BP Chairman Helge Lund gave 20% of their salaries to mental health charities in recognition of the impact of the COVID-19 pandemic.By comparison, BP’s competitor the overall pay package of Royal Dutch Shell CEO Ben van Beurden’s dropped by 42% to...…By LONDON (Reuters) - BP Chief Executive Bernard Looney’s remuneration was 1.735 million pounds ($2.4 million) in 2020 after it scrapped all bonuses during his first year in office due to the pandemic, the energy group said in its annual report.Slideshow Looney’s pay included 1.18 million pounds in salary and 351,000 pounds in shares, while he and BP Chairman Helge Lund gave 20% of their salaries to mental health charities in recognition of the impact of the COVID-19 pandemic.By comparison, BP’s competitor the overall pay package of Royal Dutch Shell CEO Ben van Beurden’s dropped by 42% to...WW…

By , LONDON (Reuters) - BP plunged to a $5.7 billion loss last year, its first in a decade, as the pandemic took a heavy toll on oil demand, and the energy company warned of a tough start to 2021 amid widespread travel restrictions.Despite the weak environment, however, CEO Bernard Looney told Reuters the company’s transition to a greener future remained on track. It is aiming to ramp up renewable power generation to 50 gigawatts (GW) by 2030 from 3.3 GW currently, while slashing oil output to reduce greenhouse gas emissions.Capital expenditure is set to rise to $13 billion this year, of...…By , LONDON (Reuters) - BP plunged to a $5.7 billion loss last year, its first in a decade, as the pandemic took a heavy toll on oil demand, and the energy company warned of a tough start to 2021 amid widespread travel restrictions.Despite the weak environment, however, CEO Bernard Looney told Reuters the company’s transition to a greener future remained on track. It is aiming to ramp up renewable power generation to 50 gigawatts (GW) by 2030 from 3.3 GW currently, while slashing oil output to reduce greenhouse gas emissions.Capital expenditure is set to rise to $13 billion this year, of...WW…

By LONDON (Reuters) - Nothing escapes the winds of change now sweeping through BP, not even the exploration team that for more than a century powered its profits by discovering billions of barrels of oil.Its geologists, engineers and scientists have been cut to less than 100 from a peak of more than 700 a few years ago, company sources told Reuters, part of a climate change-driven overhaul triggered last year by CEO Bernard Looney.“The winds have turned very chilly in the exploration team since Looney’s arrival. This is happening incredibly fast,” a senior member of the team told...…By LONDON (Reuters) - Nothing escapes the winds of change now sweeping through BP, not even the exploration team that for more than a century powered its profits by discovering billions of barrels of oil.Its geologists, engineers and scientists have been cut to less than 100 from a peak of more than 700 a few years ago, company sources told Reuters, part of a climate change-driven overhaul triggered last year by CEO Bernard Looney.“The winds have turned very chilly in the exploration team since Looney’s arrival. This is happening incredibly fast,” a senior member of the team told...WW…

By LONDON (Reuters) - Nothing escapes the winds of change now sweeping through BP, not even the exploration team that for more than a century powered its profits by discovering billions of barrels of oil.Its geologists, engineers and scientists have been cut to less than 100 from a peak of more than 700 a few years ago, company sources told Reuters, part of a climate change-driven overhaul triggered last year by CEO Bernard Looney.“The winds have turned very chilly in the exploration team since Looney’s arrival. This is happening incredibly fast,” a senior member of the team told...…By LONDON (Reuters) - Nothing escapes the winds of change now sweeping through BP, not even the exploration team that for more than a century powered its profits by discovering billions of barrels of oil.Its geologists, engineers and scientists have been cut to less than 100 from a peak of more than 700 a few years ago, company sources told Reuters, part of a climate change-driven overhaul triggered last year by CEO Bernard Looney.“The winds have turned very chilly in the exploration team since Looney’s arrival. This is happening incredibly fast,” a senior member of the team told...WW…

By LONDON (Reuters) - Top oil and gas companies sharply slowed their search for new fossil fuel resources last year, data shows, as lower energy prices due to the coronavirus crisis triggered spending cuts.Acquisitions of new onshore and offshore exploration licences for the top five Western energy giants dropped to the lowest in at least five years, data from Oslo-based consultancy Rystad Energy showed.The number of exploration licensing rounds dropped last year due to the epidemic while companies including Exxon Mobil, Royal Dutch Shell and France’s Total also reduced spending, Rystad...…By LONDON (Reuters) - Top oil and gas companies sharply slowed their search for new fossil fuel resources last year, data shows, as lower energy prices due to the coronavirus crisis triggered spending cuts.Acquisitions of new onshore and offshore exploration licences for the top five Western energy giants dropped to the lowest in at least five years, data from Oslo-based consultancy Rystad Energy showed.The number of exploration licensing rounds dropped last year due to the epidemic while companies including Exxon Mobil, Royal Dutch Shell and France’s Total also reduced spending, Rystad...WW…

By The project will produce so-called green hydrogen at the Lingen refinery in north-west Germany through the electrolysis of water using wind power from the North Sea.It is in its early stages and initially aims to build a 50 megawatt (MW) electrolyser to replace 20% of natural gas-based hydrogen at the plant, BP said in a statement. Production is expected to start in 2024.The project could be expanded to up to 500 MW at a later stage to replace all of Lingen’s fossil fuel-based hydrogen, Louise Jacobson Plutt, BP’s senior vice president for hydrogen, told Reuters.Hydrogen is today mostly...…By The project will produce so-called green hydrogen at the Lingen refinery in north-west Germany through the electrolysis of water using wind power from the North Sea.It is in its early stages and initially aims to build a 50 megawatt (MW) electrolyser to replace 20% of natural gas-based hydrogen at the plant, BP said in a statement. Production is expected to start in 2024.The project could be expanded to up to 500 MW at a later stage to replace all of Lingen’s fossil fuel-based hydrogen, Louise Jacobson Plutt, BP’s senior vice president for hydrogen, told Reuters.Hydrogen is today mostly...WW…

By LONDON (Reuters) - A group of the world’s top oil companies, including Saudi Aramco, China’s CNPC and Exxon Mobil, have for the first time set goals to cut their greenhouse gas emissions as a proportion of output, as pressure on the sector’s climate stance grows.But the target, set by the 12 members of the Oil and Gas Climate Initiative (OGCI), means absolute emissions can rise as production increases.It is eclipsed by more ambitious plans set individually by the consortium’s European members, including Royal Dutch Shell, BP and Total.“It is a significant milestone, it is not the end of...…By LONDON (Reuters) - A group of the world’s top oil companies, including Saudi Aramco, China’s CNPC and Exxon Mobil, have for the first time set goals to cut their greenhouse gas emissions as a proportion of output, as pressure on the sector’s climate stance grows.But the target, set by the 12 members of the Oil and Gas Climate Initiative (OGCI), means absolute emissions can rise as production increases.It is eclipsed by more ambitious plans set individually by the consortium’s European members, including Royal Dutch Shell, BP and Total.“It is a significant milestone, it is not the end of...WW…

By , The Anglo-Dutch energy company also suspended share buybacks and said it would reduce oil and gas output by about a quarter after its net profit almost halved in the first three months of 2020 to $2.9 billion.The new measures combined with cuts in capital spending and planned cost reductions announced last month could save Shell almost $30 billion this year to help it weather the crisis and prepare for the transition to low-carbon energy.“We are living through a crisis of uncertainty,” Chief Executive Officer Ben van Beurden said. “If we had not cut the dividend ... we would have been...…By , The Anglo-Dutch energy company also suspended share buybacks and said it would reduce oil and gas output by about a quarter after its net profit almost halved in the first three months of 2020 to $2.9 billion.The new measures combined with cuts in capital spending and planned cost reductions announced last month could save Shell almost $30 billion this year to help it weather the crisis and prepare for the transition to low-carbon energy.“We are living through a crisis of uncertainty,” Chief Executive Officer Ben van Beurden said. “If we had not cut the dividend ... we would have been...WW…