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BP and Equinor to develop US wind projects
BP and Equinor have formed a new strategic partnership to develop offshore wind projects in the US. This includes the development of existing offshore wind leases on the US East coast and jointly pursuing further opportunities for offshore wind in the US.
Bernard Looney, BP’s Chief Executive, says: ‘This is an important early step in the delivery of our new strategy and our pivot to truly becoming an integrated energy company. Offshore wind is growing at around 20% a year globally and is recognised as being a core part of meeting the world’s need to limit emissions. [The new partnership] 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.’
As well as forming the new strategic partnership, BP will purchase a 50% interest in both the Empire Wind and Beacon Wind assets from Equinor, at a cost of $1.1bn.
The agreement comes a month after BP announced its new strategy, including aims to increase its annual low carbon investment 10-fold to around $5bn/y and grow its developed renewable generating capacity from 2.5 GW in 2019 to around 50 GW by 2030.
News Item details
Journal title: Petroleum Review
Subjects: Business management, Wind power, Wind farms, Offshore wind, Net zero
