BP Stock News

BP PLC (LSE:BP.) has scored an unexpected legal victory that adds fresh momentum to its turnaround story.

The British oil major is seeking damages of more than $1 billion, as well as interest, costs and attorneys' fees.

Venture Global shares slumped 17% in premarket trading on Friday after BP won its arbitration case against the U.S. supplier over its failure to deliver liquefied natural gas under a long-term supply deal that was due to start in late 2022.

BP has won its arbitration case against Venture Global over the U.S. supplier's failure to deliver liquefied natural gas under a long-term contract that was due to start in late 2022, Venture Global said on Thursday.

BP will seek a partner to evaluate its discovery at Brazil's Bumerangue block, and it could potentially reach a deal before it makes a decision on investing in the project, the oil major's Brazil chief Andres Guevara de la Vega said on Thursday.

New BP Chair Albert Manifold told BP employees on Tuesday that the group needed to move faster executing its strategy of shifting focus from renewables to oil and gas and consider more asset sales, an internal memo seen by Reuters showed.

BP PLC (LSE:BP.) and TotalEnergies SE (NYSE:TOT, EPA:TTE) announced on Monday that both companies will be strengthening their commitments to the US, with BP approving a $5 billion offshore oil field and TotalEnergies buying into an onshore gas field, Reuters reported on Monday.

European oil and gas majors BP and TotalEnergies on Monday deepened their commitments to the United States, with BP approving a $5 billion offshore oil field and TotalEnergies buying into an onshore gas field.