BP is considering selling a minority stake in offshore wind, reports

Citing anonymous sources with knowledge of the situation, Reuters news agency reported on Friday (October 18) that the fossil fuel company was considering selling the minority stake to reduce its share of the large investments needed to develop offshore Wind projects are required.

The news follows reporting earlier this year that the company planned to focus on delivering its existing offshore wind portfolio double the use of fossil fuels after CEO Murray Auchincloss took on the role earlier this year.

A spokesman for BP declined to comment.

Windpower Monthly reported in June that BP plans to focus on implementing its existing “flagship” offshore wind projects, which include this 2900 MW Morven Project off Scotland in the British North Sea (together with EnBW) and that 2000 MW N-11.1 And 2000 MW N-12.2 Offshore wind projects in Germany.

A spokesman for the oil major previously told Windpower Monthly: “We have built a strong portfolio over the last four years with a net capacity of around 9.6 GW, with licenses/leases in the US, UK and Germany.” Our focus is on the Developing our flagship projects (in the UK and Germany), while we will continue to explore value-based growth in select markets where we can be truly competitive.”

Energy Monitor reported in February that BP’s renewable energy spending had been “stagnant” since 2021 – the year in which renewable energy spending reached 12% of total annual capital expenditure in January – and fell to 6% in 2022 , before reaching 8% in 2023.