Shell plc said on Thursday it does not plan to make an offer for BP plc, following media reports suggesting otherwise. The company clarified that it has not contacted BP and no talks have taken place.

"This is a statement to which Rule 2.8 of the Code applies and accordingly Shell confirms it has no intention of making an offer for BP. As a result, Shell will be bound by the restrictions set out in Rule 2.8 of the Code," the release showed. Shell added it remains focused on creating more value while lowering emissions. However, under certain conditions, Shell could revisit its position, such as if BP's board agrees, a third party makes an offer, or if there is a major change in circumstances.

The clarification came after reports on Wednesday suggested Shell might be preparing a bid, causing BP shares to increase 7%.