BP unveils $40bn defence strategy

The oil giant will outline what will effectively be a defence document at its second quarter results on 27 July, reports the Telegraph. Although no approach has been made, ExxonMobil of the US is understood to have sought clearance from the White House for a bid that could create a $400bn global juggernaut. A possible bid from Chevron is also believed to have been approved, while Chinese oil giant PetroChina has been reported as saying it would "welcome" closer ties with BP. Read more The news comes as it emerges ExxonMobil had been given a green light by the US Government to "take...