""We have been clear that while low-carbon energy has a role to play in a simpler, more focused BP, we will continue to rationalize and optimize our portfolio to generate value.""
"BP plans to divest $20 billion in assets through 2027, including up to $4 billion in 2025, while increasing investment in oil and gas production by nearly 20% each year."
BP is divesting its U.S. onshore wind business to LS Power, continuing a trend of selling renewable energy assets amid financial difficulties. The sale encompasses ownership stakes in 10 wind farms with a total capacity of 1.7 gigawatts, sufficient energy for approximately 1.3 million homes. BP's strategy emphasizes increasing fossil fuel production while reducing clean energy investments. The company aims to sell $20 billion in assets by 2027 and intends to invest 20% more annually in oil and gas production going forward.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]