Oil Titan BP

Oil Titan BP Poised To Move To Smaller London HQ

UNITED KINGDOM – BP is slated to relocate its headquarters in central London to a new “carbon-neutral and wellness-oriented” commercial property at 20 Carlton House Terrace in the city’s St James’s district, reported Reuters and The Times on Saturday (3 December, SGT).

This is after the British multinational oil and gas company inked a new office lease at the nearby 20 Carlton House Terrace, which is presently being redeveloped. The office lease will commence by the end of 2024.

This marks an office downsizing by BP. Its new office, which formerly housed global mining company Anglo American, only measures about 70,000 sq ft compared to the oil giant’s former London headquarters in St James’s Square that spanned over 100,000 sq ft.

After acquiring it in 2022, the oil and gas company sold its office in St James’s Square in November 2020 for £250 million to Lifestyle International, a firm based in Hong Kong.

The divestment was part of CEO Bernard Looney’s cost-cutting measures. BP stated that “owning and running a large, central London office space is expensive, unnecessary and out of step with modern corporate practice”.

BP leased back the office space in St James’s Square for an initial period of two years from the buyer of its headquarters.

Furthermore, the British multinational oil and gas company has started moving its primary trading business in London’s Canary Wharf financial district to 25 North Colonnades from 20 Canada Square.

Free Finding Service