Oil & Gas News – Early August 2025
Estimated reading time 2 minutes
BP has said it “can and will do better” to develop and monetise its oil and gas production as the energy giant continues to shift away from renewables and back to fossil fuels.
Chief executive Murray Auchincloss said the UK-based firm would review how it manages its oil and gas assets and will consider cost cutting plans to boost returns for shareholders. The pledge comes after the company revealed it has made its largest oil and gas discovery this century off the coast of Brazil.
BP has been under ongoing pressure from investors for underperforming compared to its rivals in recent years. https://www.bbc.co.uk/news/articles/cx2xg84yj6jo
British Gas-owner Centrica is buying one of the biggest liquefied natural gas (LNG) facilities in the UK for £1.7bn, extending the firm’s control of the country’s energy supplies. National Grid is selling Grain LNG to Centrica and private equity firm Energy Capital Partners to allow it to focus on its electricity and gas networks.
LNG is gas that has been cooled into a liquid, making it easier to transport – supplies came under pressure after Russia launched its full-scale assault on Ukraine in 2022 and flows of energy into Europe slowed driving up prices.
Centrica already owns the Rough gas storage facility, which in the biggest in Britain.
