Shell denies BP takeover talks

“In response to recent media speculation, Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with, BP with regards to a possible offer,” Shell said in a statement.

“We remain focused on delivering more value with less emissions through performance, discipline and simplification,” the company said.

Shell added that no further comment will be made in response to this announcement.

BP was valued at about $80 billion on Thursday, while Shell’s market capitalisation stood at more than $212 billion.

Shell has a huge LNG business with a sizeable portfolio.

The company sold 16.49 million tonnes of LNG in January-March, a drop from 16.87 million tonnes of LNG in the same period last year. LNG sales rose 6 percent compared to 15.50 million tonnes in the prior quarter.

Shell sold 65.82 million tonnes of LNG in 2024, a 2 percent decrease from 67.09 million tonnes of LNG in 2023.

On the other hand, BP’s LNG portfolio also continues to grow, and the company’s Greater Tortue Ahmeyim FLNG project, located offshore Mauritania and Senegal, recently launched commercial operations.

Last year, BP’s CEO Murray Auchincloss said the company expects its LNG supply portfolio to increase to more than 25 mtpa by 2025, beating its previous target.

BP previously set a target of 25 mtpa of LNG by 2025. In 2019, the company’s LNG portfolio was at 15 mtpa and in 2019 it rose to 17 mtpa.