BP

BP is the third largest oil company in the world and, though based in England, is a multinational company with many international divisions.

BP Overview

BP was formerly known as British Petroleum and is one of six vertically-integrated private-sector energy companies called "supermajors." It was first founded in 1908 to explore petroleum prospects in the Middle East.

In May 1901, William Knox D'Arcy was granted permission by the Shah of Iran to search for oil. Seven years later, in May 1908, D'arcy found the first commercially significant oil supply in the Middle East.

D'Arcy's discovery led to the founding of the Anglo-Persion Oil Company (APOC) on April 14, 1909.

In 1935, APOC changed its name to the Anglo-Iranian Oil Company (AIOC) and in 1954, the company became known as British Petroleum.

In 1979, during the Islamic Revolution, the Ayatollah Khomeini seized the company's assets, but it stayed in business due to other international assets. From 1984 to 1987, the British government sold its holdings in the company.

In December 1998, it merged with Amoco, becoming BPAmoco. In the year 2000, it was renamed BP, using tagline "Beyond Petroleum."c

BP Timeline

1908: British businessman William D'Arcy learned that his hired explorer had discovered oil in Persia, leading to the founding of the Anglo-Persian Oil Company (APOC).c

1914: APOC was nearly bankrupt due to its large oil supplies and no one to sell them to. Winston Churchill bailed APOC out and the UK became a major company shareholder.

1917: The British government seized APOC's assets and sold them to Anglo-Persian, giving APOC an instant UK distribution network.c

1921 to 1925: There were 69 BP-labelled gas pumps around Britain sporting the Union Jack flag. Within four years, there were 6,000.

1935: Persia changed its name to Iran and APOC became the Anglo-Iranian Oil Company, or AIOC.

1939: World War II was on and BP, Shell and other oil brands in the UK were consolidated and rationed.c

1951: Iran's prime minister convinced the Iranian Parliament to nationalize operations within Iran's borders.

1954: AIOC's named was changed to The British Petroleum Company.

1964 to 1965: The United Nations extended the rights of countries over territorial waters, leading to BP's discovery of natural gas in the English Channel.

1969: BP tapped into the largest oil reservoirs ever discovered in North America.

1970: BP discovered the Forties field in the North Sea, capable of producing 400,000 crude oil barrels a day.c

1975 to 1983: BP Shipping goes from transporting 140 millions tons of oil from the Middle East to 500,000 tons.

1987: BP buys out Standard Oil of Ohio.c

2000: BP unveils a new, global brand with a green, yellow and white sunburst for a logo.c

2010: BP is responsible for one of the largest oil spills in history in the Gulf of Mexico.c

BP Gulf of Mexico Oil Spill

On April 20, 2010, an offshore drilling rig exploded, killing eleven people and causing a massive oil spill. Two days later, it sank. The rig was owned and operated by Transocean LTD on behalf of BP. The spill threatened the coast of Louisiana, Mississippi, Alabama, Texas, and Florida.c c c

BP initially estimated the size of the leak was about 1000 barrels a day, but the government estimated that it was 5000 barrels a day. Some scientists believe that the size of the spill may be much larger, up to 100,000 barrels a day. BP was running the well without a remote control shut-off switch, which protects against underwater spills. The use of such a device is not mandated by US law, however.c c c

On April 30, BP stated that it would harness all of its resources to battle the oil spill, spending $7 million a day with its partners to try to contain the disaster. On May 11, BP, Transocean and Halliburton were called to a hearing by Congress. Each company blamed the other for the spill. BP was found to be responsible.c c

BP

BP Overview

BP Timeline

BP Gulf of Mexico Oil Spill

References

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BP

BP Overview

BP Timeline

BP Gulf of Mexico Oil Spill

References

Cars, Money and You Course

Course Introduction 0:00

Driving 0:00

Inspection, Insurance and Loans 0:00

Types of Vehicles 0:00

Buying and Leasing 0:00

Oil and Gas 0:00

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