BP (NYSE:BP) along with partners Royal Dutch Shell (NYSE:RDSA), ConocoPhillips (NYSE:COP) and Chevron Corp (NYSE:CVX) has four new oil and gas projects (NYSE:XOP). Over the next 5 years, the new projects will involve a total investment of almost 10 billion pounds in the UK oil industry.
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According to MarketWatch, “BP (NYSE:BP) said that the U.K. government had Thursday granted BP, Royal Dutch Shell, ConocoPhillips, and Chevron Corp. approval to proceed with the 4.5 billion pound Clair Ridge project west of the Shetland Islands. BP said its combined investment in the four projects will be around 4 billion pounds.”
BP (NYSE:BP) stock is down 0.13% to $38.58 on the news. Shares are down 13.22% year to date. The stock has traded in a 52-week range between $33.62 and $38.33.