BP (LON:BP) is reportedly contemplating the sale of a minority stake in its offshore wind enterprise because it appears to be like to scale back the dimensions of its funding within the sector.
Reuters, citing 4 sources accustomed to the matter, reported BP has engaged Financial institution of America to search out companions for its offshore wind tasks.
BP is presently growing offshore wind farms within the UK, United States, Germany, South Korea and Japan, with none presently in operation.
The corporate is progressing three UK offshore wind tasks with associate EnBW, together with the Morgan and Mona wind farms within the Irish Sea and a ScotWind mission.
It additionally has a small innovation and focused oil and fuel (INTOG) floating wind mission, the 50MW Flora.
In latest months, buyers have known as on BP to pivot away from renewable power targets set below former chief government Bernard Looney and again in direction of oil and fuel.
Since taking up, present CEO Murray Auchincloss has proven indicators of scaling again some investments together with imposing a hiring freeze in its offshore wind enterprise.
BP additionally offered its US onshore wind enterprise final month, and earlier this 12 months the agency took a $600 million impairment in opposition to a New York offshore wind mission after parting methods with Norwegian agency Equinor.
In accordance with Reuters, a supply mentioned BP stays dedicated to growing its main offshore wind, and the corporate has additionally not too long ago invested in photo voltaic, biofuels and inexperienced hydrogen.
A spokesperson for BP declined to touch upon the Reuters report.
Massive Oil offshore wind investments
It comes as rival Shell waters down its personal emissions targets and offshore wind investments as the 2 London-listed majors path their US rivals in profitability.
Shell can also be reportedly seeking to promote its stake in two ScotWind leases and a mission off the Dutch coast, as its offshore wind investments battle to ship returns.
Equinor has additionally scaled down a few of its offshore wind ambitions after backing away from investing in Spain and Portugal earlier this 12 months.
The corporate can also be reportedly seeking to pull out of Vietnam, whereas final 12 months the agency positioned its Trollvind floating mission in Norway on maintain on account of rising prices.
Nonetheless, not all oil corporations are turning away from offshore wind.
French main TotalEnergies not too long ago acquired a 50% stake two German offshore wind tasks alongside RWE.
In the meantime, Spanish operator Repsol teamed up with EDF Renewable in July to develop offshore tasks within the Iberian peninsula.
Italian agency Eni can also be progressing the Inexperienced Volt floating wind mission in Scotland via its three way partnership Vårgrønn.
Really useful for you
