Turning oil into wind

BP has entered the offshore wind market through partnership in the US with Equinor, the new name of Norwegian oil company Statoil.

The company and Equinor will jointly develop four assets in two existing offshore wind leases located offshore New York and Massachusetts, with BP paying $1.1bn for interests in the existing US offshore developments.

Bernard Looney, BP’s chief executive, said: “This is an important early step in the delivery of our new strategy and our pivot to truly becoming an integrated energy company. It will play a vital role in allowing us to deliver our aim of rapidly scaling up our renewable energy capacity, and in doing so help deliver the energy the world wants and needs.”

The agreement comes a month after BP announced its new strategy, including aims to increase its annual low carbon investment ten-fold to around $5bn a year and grow its developed renewable generating capacity from 2.5GW in 2019 to around 50GW by 2030.

    Share Story:

Recent Stories