British Petroleum and BP Share Price

British Petroleum has been a major player in the oil business since 1908 when oil was first discovered in present day Iran. When it was first officially incorporated however it was first named the Anglo-Persian Oil Company. Now at the ripe old age of 102 BP remains-despite recent events – a huge business and the third largest energy company on the planet, and the BP Share Price of major concern to many.

History of BP- BP Share Price

British Petroleum was first conceived by a man named William Knox D’Arcy, when he discovered oil in Persia in 1908. This turned out to be the first discovery of oil in the Middle East, and so the Anglo-Persian Oil Company was formed. When Persia became Iran in 1935 the company was re-named Anglo-Iranian Oil. Shortly after world war 2 the country went through a period of internal turmoil. Iran nationalised its oil industry in 1951 which had a large part to play in a in a coup in 1953 which led to Mossadeq’s overthrow. In 1954 the company was re-named British Petroleum and oil production was resumed in Iran.
The BP Share Price suffered badly twenty five years later however production in Iran ceased as the company’s assets were seized by the Ayatollah Khomeini in 1979.

BP Expansion

After the turmoil in Iran BP decided that they had to diversify and look at other countries in order to protect themselves, and in the process protect the BP share price. Expansion to Africa, Canada, Europe, and other areas in the Middle East soon followed. Further expansion to the USA took form in a refining capacity from Atlantic Richfield. As well as a key player in the Alaskan oil fields following the discovery in Prudhoe Bay, BP is now truly ‘Global’ in nature.

BP – Recent Controversy

No-one who watches TV can be unaware of the recent controversy regarding the oil spill disaster at the Deepwater Horizon oilrig. This rig exploded and sunk to the bottom with the loss of 11 lives. Better known as the Gulf of Mexico Oil Spill, this led to massive pollution and a major headache not only for BP but everyone included in the Oil industry. The BP Share Price suffered, the ramifications not only for the natural environment, but for insurance claims were unprecedented.

The oil slick alone spread for at least 2,500 square miles and the damage to plant and marine life will be felt for years to come.
On July 27 2010 BP announced the losses at $32.2 billion to that point.

BP Oil Summary

It has been well attested that only a company of BP’s strength could stand that unimaginable loss and still stay in business. The BP Share Price although trading around 630 before the incident, now trades around the 395 mark (Sept 2011).