BPBP

“off the coast of Angola uh BP and the Italian oil giant any uh of long operated assets there oil production sites uh a few years ago they bundled their their operations into a single joint venture.”

BP is discussed as an example of using loopholes in the World Bank initiative to avoid reporting routine flaring despite continuing to benefit from flaring operations.

“Uh, BP and the Italian oil giant, any, uh, have long operated assets, their oil production sites. Uh, a few years ago, they bundled their their operations into a single joint venture. Now, suddenly, that joint venture is technically the operator of those oil sites. So even though BP and many still owned this stuff, right? I mean, they still, uh, profit tremendously from this. They no longer from a routine flaring definition standpoint, they no longer have to consider themselves, uh, the operator.”

BP is criticized for using a joint venture structure to circumvent routine flaring definitions and remove flares from their environmental ledgers.

“In terms of the oil majors, BP crude comeback. Indeed. Uh another third quarter trading update. They've already reached their net debt target for for 2027. Of course, helped by the volatility caused by the Iran war... strong oil and gas trading um and strong performance of their oil processing unit... shares rose this morning as much as about 1.6%. So it's the highest in in six months.”

Company already reached its 2027 net debt target ahead of schedule, benefiting from strong oil and gas trading and strong processing unit performance, leading to share gains.