To accelerate renewable energy production bp and Equinor completed the formation of their strategic US offshore wind partnership. The joint effort helps to develop world class assets in the fastest growing energy sector.
- The new partnership will develop up to 4.4GW through two projects Empire Wind and Beacon Wind and together pursue further growth in the US offshore wind market.
- This partnership includes bps $1.1 billion purchase from Equinor of a 50% interest in two major lease areas off the US East Coast.
The recent investments and deals by BP are featured below:
Oct 2020: The global oil and gas company bp announce the beginning of gas production from its Block 61 Phase 2 Ghazeer gas field, in Oman in partnership with OQ, PETRONAS and the Ministry of Energy & Minerals.
Sep 2020: The leading energy company Equinor announced that it entered into an agreement with BP to sell 50% non-operated interests in the Empire Wind and Beacon Wind assets on the US east coast for a total consideration of approximately $1.1 billion.
July 2020: The global energy company bp and Indias Reliance Industries Limited (RIL) announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited (RBML). As per earlier agreement bp has paid RIL $1 billion for a 49% stake in the joint venture, with RIL holding 51%.
July 2020: bp announced its intention to invest approximately $70 million into the Green Growth Equity Fund (GGEF) in India. The GGEF is focused on identifying, investing and supporting growth in zero carbon and low carbon energy solutions in India.
June 2020: bp had agreed to sell its global petrochemicals business to INEOS for approximately $5 billion. bps petrochemicals business is focused on two main businesses aromatics and acetyls.
January 2020, BP, had agreed to sell its interests in the Andrew area in the central UK North Sea and its non-operating interest in the Shearwater field to Premier Oil for approximately $625 million.
BP, a London based oil and gas leader, committed to a low carbon future, developing energy products and services with fewer emissions. The Company produces oil and natural gas, involved in refining, marketing, and distribution of petroleum products. The Company also generates energy from renewable resources that include solar energy, Wind energy, and Biofuels.
BP Portfolio: In solar energy, BP has a 43% share in Lightsource BP and playing a key role in developing solar energy around the world. In wind energy, BP generates more than 1,000MW of energy from nine sites in the USA and holds an interest in another facility in Hawaii. And in Biofuels segment, BP joint venture with Bunge and formed BP Bunge Bioenergia is a leading bioenergy