Producer
BP plc
BP plc (London; LSE/NYSE: BP; market cap ~$100B) is a major international natural gas producer with upstream positions in UK/Norwegian North Sea, Azerbaijan Shah Deniz (one of the world's largest gas fields, supplying Southern Gas Corridor to Europe), Egypt Zohr offshore gas, Oman, and Trinidad and Tobago. BP holds a 28% stake in Rosneft (Russia's largest oil company) — a stake it committed to divest following the February 2022 Ukraine invasion but which proved difficult to exit due to Russian government restrictions on foreign asset disposals, ultimately resulting in a write-off of ~$25B book value. BP's Azerbaijan Shah Deniz field (operated by BP, 28.8% working interest) supplies gas via the Trans-Anatolian Pipeline (TANAP) and Trans-Adriatic Pipeline (TAP) to Turkey and Southern Europe — a critical alternative to Russian gas following 2022 supply cuts.
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Gas & Low Carbon Energy
38%Oil Production & Operations
38%Customers & Products (Downstream)
18%Rosneft Stake (Divested 2022)
6%
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Did you know2022
BP plc held a 19.75% stake in Rosneft — Russia's largest oil and gas company — when Russia invaded Ukraine on February 24, 2022. Within days BP's board announced it would divest the stake, booking a ~$25B impairment. However, Russian law prohibited any foreign company from selling Russian strategic energy assets without government approval; the Russian government placed Rosneft's foreign shareholders under restrictions making asset sales legally impossible. BP could not exit. BP's Rosneft stake — worth ~$14B on paper — effectively functioned as an involuntary hostage stake: BP had shareholder exposure to Russia's state energy company, was unable to divest, and faced ongoing governance conflicts (two BP-nominated Rosneft directors resigned in protest of the invasion). BP's experience demonstrated that major international oil company investments in state-controlled Russian energy assets were not conventional equity investments — they were geopolitically-encumbered positions that could be frozen by sovereign decision in a 48-hour window. The dual use: what appears to be a commercial energy investment can instantly become an involuntary financial instrument of geopolitical coercion.
BP plc ↗Origin2023
BP traces to the Anglo-Persian Oil Company, founded in 1909 when the British government invested in the first Middle Eastern oil discovery (in what is now Iran) to supply Royal Navy ships converting from coal to oil. Winston Churchill, as First Lord of the Admiralty, was the architect of this investment — the first time a modern government took a stake in an oil company specifically for national security fuel security reasons. The British government held a controlling interest in BP (via BNOC and then direct stake) until Margaret Thatcher privatized the remaining government shares in 1987. BP's origins as a military fuel security project are the foundation of the modern state-backed national oil company model.
BP plc ↗