An activist group has withdrawn a shareholder resolution urging BP to adhere to the Paris climate agreement after the oil and gas company agreed to work together on a joint resolution.
BP and climate-focused Follow This have agreed to jointly draft a shareholder resolution on BP's climate goals for its 2021 annual general meeting (AGM), they said in a statement on March 27.
Follow This agreed to pull a resolution it filed independently ahead of BP’s 2020 AGM, planned for May.
The move comes after BP CEO Bernard Looney outlined shortly after taking office in February plans to reduce greenhouse gas emissions from BP’s own oil and gas production to net zero by 2050.
Follow This, which owns minor stakes in companies which enables it to file shareholder resolutions, has also filed shareholder resolutions on climate with U.S. giants Exxon Mobil, Chevron and their European rivals Royal Dutch Shell and Equinor.
Oil firms Equinor and Rosneft expect to extract some 250 million barrels of oil and 23 billion cubic meters of gas during the first part of the development of the Severo-Komsomolskoye oilfield in Russia, Equinor said on Dec. 23.
Repsol will still hold a 51% stake in the block after the deal.
Chevron said on Dec. 24 it expects Saudi-Kuwaiti Neutral Zone's Wafra oilfield to return to full production within 12 months.