BP’s group chief executive officer Bob Dudley on Monday expressed confidence that there won’t be a return of state control on fuel pricing in India and said that issues such as gas migration dispute “probably slowed down” its investments here.
The Centre’s move to direct oil marketing companies to lower auto fuel price hampers the confidence of oil companies in investments make in India, according to BP.
In a rebuff to BP plc, an international tribunal has held that the British energy giant cannot claim any legal cost from the Indian government as it was never part of an arbitration its partner Reliance Industries filed in the gas migration row with ONGC.
Two renowned global oil and gas firms, Shell and BP Plc, are in the process of acquiring leading petroleum dealers in Rwanda in two separate deals.
UK-based Lightsource BP, Europe’s biggest solar energy developer, has completed its first big solar project in India, it said on Monday.
BP does not yet foresee a shortfall in oil supplies in the coming years due to a fall in investments across the sector, the company’s Chief Financial Officer Brian Gilvary said on Thursday.
Oil major BP said on Tuesday its venture capital fund invested $20 million in Israeli firm StoreDot, which developed a battery system that could potentially charge an electric car in the amount of time it takes to fill a gas tank.
BP made a mistake in its 2018 World Energy Outlook by underestimating the speed of renewables adoption, notably solar capacity.
BP India plans to invest more than $2 billion in its upstream ventures in the Indian market over the next few years, said Sashi Mukundan, BP Group’s regional president and head of India.
Oil giant BP Plc expects almost a tenth of its global earnings from India over the next decade as it bets big on natural gas output, marketing and renewable initiatives in the subcontinent, a top regional executive of the company said.