BP, the second largest oil company in the world in terms of sales, has announced that it is withdrawing from the Arctic Power organization, a lobby which brings together four large oil companies for the purpose of being authorized to drill in the oilfields under the Arctic National Wildlife Reserve (ANWR). This natural park is currently protected from exploration and drilling for oil because of its unique ecosystem and wildlife.
BP’s withdrawal, however, does not mean that the company has discontinued its operations in Alaska, where it continues to extract 300,000 barrels a day.
In April 2002, WWF-UK, the ethos Investment Foundation and a group of private and institutional investors filed a shareholder resolution at the BP’s Annual General Meeting asking the company to disclose the decision-making processes and procedures for managing risks linked to operations in environmentally and culturally sensitive areas. The resolution particularly referred to the Arctic National Wildlife Refuge and received 10.3% of the votes, representing a market value of CHF 18 bn.
