Chinese (Simplified) 
Chinese (Traditional) 
English 
French 
Alemão 
Italian 
Japanese 
Norwegian 
Spanish 
4 min read
0 comments
The article explores the studies initiated by Shell in April 2025 on the possible purchase of BP, evaluating the financial, regulatory and environmental impacts of the operation
In April 2025, therefore, Shell began a preliminary analysis on the possible acquisition of BP, although it has not yet presented an official proposal. The newspaper The Times published the information, and the Bloomberg News confirmed shortly thereafter, based on sources close to the company. Consequently, company executives have been discussing this potential transaction as part of restructuring efforts in light of the transformations in the global energy sector. For this reason, the analysis team seeks to understand the possible financial, regulatory and environmental impacts, without, however, drawing hasty conclusions.
Market context and Shell's internal assessment
Since March 2025, BP’s shares have fallen more than 12%, according to the London Stock Exchange, reflecting concerns about debt and returns. Meanwhile, Shell ended 2024 with a profit of $28 billion, according to a financial report released in February 2025. Analysts believe the asset combination could improve efficiency and expand its global presence, although there is no official confirmation yet.
BP ended 2024 with $45 billion in debt, according to its audited balance sheet. On the other hand, Shell maintained stable liquidity and cash generation, even with fluctuations in the price of oil.
Despite this, the analysis does not indicate, at this time, a concrete acquisition decision.
Environmental pressures and adaptation to the new energy scenario
The global energy transition and climate goals influence strategic decisions in the sector. Since 2022, the demand for investments in renewable sources and commitments to the Paris Agreement has increased. In January 2025, the International Energy Agency reiterated the urgency of reducing emissions and expanding sustainable sources. BP maintains the “Net Zero 2050” program, announced in 2020, with investments in clean energy. Shell, in turn, revised its environmental goals in September 2024, reducing long-term ambitions, which generated criticism from environmental organizations. The possible merger between the companies has, to date, no direct relation to climate policies. Any integration must consider regulatory obligations and pre-existing ESG commitments. Experts point out that the merger could unite complementary forces in energy innovation.
-
The Kremlin's energy arm for decades, Gazprom, the world's largest natural gas producer, is now selling off Moscow real estate in a desperate bid to survive the collapse caused by sanctions and Putin's strategic mistakes.
-
Petrobras renews strategic partnership with Solstad until 2030
-
Petrobras returns to drilling wells in Bahia after six years
-
Even though Brazil produces more oil than it consumes, it still pays a high price for gasoline. Find out how internal and external factors influence the price at gas stations
Buy
Potential impacts and regulatory limits of the operation
The eventual merger between Shell and BP is still under evaluation and depends on multiple legal and economic factors. If completed, it would represent one of the largest restructurings in the sector since 1999, when Exxon and Mobil merged. According to data from The report of Statista, Shell and BP produced a combined total of around 2024 million barrels per day in 6,2. This volume, combined with the companies' global presence, would increase their operational capacity. However, the proposal may face restrictions from antitrust authorities in the European Union and the United Kingdom, especially in the context of market concentration. The impact on prices and competition will be analyzed by specialized regulatory bodies. The combined presence in more than 70 countries requires careful evaluation. Approval would depend on commitments to maintain fair competition.
Legal, environmental and governance issues under discussion
The transaction, if it goes ahead, must comply with local and international environmental and legal requirements. Since 2023, Shell has faced environmental lawsuits in the United Kingdom and the Netherlands. On the other hand, BP has been increasing investments in solar and wind energy since 2021. Such operational differences could be a point of analysis in potential negotiations. The transaction has not been confirmed and may be reassessed at any time. Transparency regarding the conduct of the studies was reinforced in an internal note from Shell, according to Bloomberg. Investors await formal updates before assessing practical consequences.
Sector analysis and expected timeline for decision
specialists of The Guardian and Financial Times, between April and May 2025, indicated that Shell may pursue alternative paths to the merger, such as strategic partnerships. According to an article published on May 6, 2025 by Nils Pratley (The Guardian), Shell may gain advantages even without a full acquisition. Sources close to Shell told Bloomberg, on May 3, that the analysis process should be completed by the fourth quarter of 2025. The decision will be based on technical, financial and regulatory criteria. Feasibility studies are underway, with no announcement expected in the coming months. Shell reinforces that any decision will follow ethical and compliance standards.
