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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.

  • The two companies are also establishing a strategic partnership for further growth within offshore wind in the US.
  • Currently Equinor holds a 100% interest in both the Empire Wind lease, located off the coast of New York State, and the Beacon Wind lease, located off the Massachusetts coast.
  • Equinor will remain the operator of the projects in these leases through the development, construction and operations phases and it is anticipated that the wind farms will be equally staffed after a period of time.

The recent investments and deals by BP are featured below:

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.

December 2019, BP along with Bunge, formed a Brazilian bioenergy joint venture “BP Bunge Bioenergia” that combines their Brazilian bioenergy and sugarcane ethanol businesses in the country. The new joint venture has 11 biofuels sites in five Brazilian states, with more than 10,000 employees.

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 company with 11 biofuels sites in Brazil.

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