Potential investments in offshore wind and hydrogen are on the near-term horizon, says CEO Bernard Looney. BP is readying offshore wind bids during the next six months with heightened hydrogen activity also in the pipeline, the oil major’s CEO, Bernard Looney, said Tuesday. During the company’s Q3 results call, Bernard Looney said BP would “probably” […]
OPEC doesn’t see peak oil demand
PARIS: The coronavirus crisis has sparked talk that the world might have reached peak oil demand but the OPEC group sees crude consumption continuing to grow during the next quarter century, driven in large part by greater use of cars in developing countries. In its latest forecasts, released on Thursday, OPEC sees surprisingly little […]
BP, Microsoft form partnership to drive digital energy systems
BP would supply renewable energy to help Microsoft meet its 2025 renewable energy goals New Delhi: BP and Microsoft on Tuesday said that they have agreed to collaborate as strategic partners to further digital transformation in energy systems and advance the net-zero carbon goals of both companies. This would include a co-innovation effort focused on […]
How BP Plans to Make Oil-Like Returns From Renewables
The oil major wants to make returns of 8 to 10 percent from renewables projects as it chases a 50-gigawatt target for 2030. The shift to low-carbon energy will transform oil companies, and BP wants to be at the vanguard of the industry in making those changes, having set a net-zero target for 2050 earlier […]
BP to invest $70 million in India’s Green Growth Equity Fund
With this BP would become a limited partner in the equity fund, have representation on its advisory committee, and also the rights to co-invest in projects alongside GGEF New Delhi: BP, UK-based oil and gas firm, on Tuesday said it is set to invest $70 million in India’s Green Growth Equity Fund (GGEF) with an […]
BP to invest USD 70 million in India’s Green Growth Equity Fund
The fund, established in 2018, is focused on identifying, investing and supporting growth in zero-carbon and low-carbon energy solutions in the country. The UK-based BP plc on Tuesday said it will invest USD 70 million in the Green Growth Equity Fund (GGEF) that supports the growing renewable energy sector in India. The fund, established in […]
BP to cut 15% job as part of shift to renewable energy
BP will cut about 15 percent of its workforce in response to the coronavirus crisis and as part of CEO Bernard Looney’s plan to shift the oil and gas major to renewable energy. Bernard Looney told employees in a global online call that the London-based company will cut 10,000 jobs from the current 70,100. “We […]
Lightsource BP Explores Green Hydrogen Site Powered by 1.5GW of Australian Renewables
Co-located solar and wind at a massive scale could fuel a potential ammonia export business. BP and its solar joint venture Lightsource BP are exploring a potential green hydrogen plant in Australia powered by 1.5 gigawatts of wind and solar. The oil major announced on Friday that a feasibility study was underway for a huge […]
Shell and BP Slash Spending but Renewables Largely Spared
Two of the world’s oil supermajors suggested this week that oil demand may never fully recover from the coronavirus crisis. Shell just did the thing CEO Ben van Beurden said no leader of the company would ever want on their record: cut its shareholder dividend for the first time since World War II. In slashing […]
BP increases stake in solar energy firm Lightsource BP
LONDON: BP (BP.L) is increasing its stake in solar energy developer Lightsource BP to 50% from 43% and is aiming for rapid growth over the next few years, the two companies said on Thursday. European oil companies like BP have been stepping up investment in renewable power to diversify their businesses in the face of […]