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In order to boosts its renewables energy in the USA, bp announced to purchase 9GW of solar development projects in the US from 7X Energy for approximately $220 million. The project will be developed through bp’s 50-50 solar joint venture Lightsource bp.

  • This acquisition represents a significant step towards bp’s target of growing its net developed renewable generating capacity to 20GW by 2025 and aim to increase this to 50GW by 2030.
  • The deal will also grow bp’s renewables pipeline from 14GW to 23GW.
    • Lightsource bp, a global leader in solar energy, applying Lightsource bp’s capabilities to accelerate bp’s renewables targets.

The recent investments and deals by BP are featured below:

May 2021: To boost energy development in Angola, bp and Eni announced a new joint venture company. bp and Eni has signed a non-binding memorandum of understanding (MoU) to progress detailed discussions on combining their upstream portfolios in Angola.

April 2021: In order to reduce emissions bp has signed a memorandum of understanding (MoU) with next-generation digital service provider Infosys. As per agreement both will develop an integrated Energy-as-a-Service (EaaS) offering.

March 2021: For the growth of automotive electrification bp agreed to join BMW Group and Daimler Mobility AG. As per deal bp will become a 33.3% partner alongside BMW Group and Daimler Mobility AG in Digital Charging Solutions GmbH (DCS) to make electric vehicle charging more convenient.

March 2021: Due to increasing adoption of electric vehicles, the Volkswagen group intended to work with bp on extending and speeding up the deployment of ultra-fast electric vehicle (EV) charging facilities across Europe. The partnership should give EV drivers greater confidence in being able to access nearby, reliable, quality charging options.

Feb 2021: bp signed a strategic collaboration agreement with Rosneft Oil Company on supporting carbon management and sustainability activities of both companies. The partnership would shape the global energy transition to deliver more energy with less carbon.

Feb 2021: 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.

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 India’s 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. bp’s 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.

About BP
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

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