BP weighing sale of minority stake in offshore wind business, sources say

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Wind,Company,United States

BP has faced pressure from shareholders over its energy transition strategy, first launched in 2020, as renewables profit thinned while margins from oil and gas rose

is considering selling a minority stake in its offshore wind business, according to four sources with knowledge of the matter, the latest effort by CEO Murray Auchincloss to scale back the energy company’s focus on renewables.

Auchincloss, who took up the job in January, has vowed to revamp the company’s plans to focus on the high-margin businesses, distancing himself from predecessor Bernard Looney’s strategy to rapidly expand renewables and reduce oil and gas output. The CEO has also said BP would sell a stake in its solar joint venture Lightsource BP once it completes its full acquisition in the coming months. He has also scrapped BP’s flagship target to reduce oil and gas production by 25 per cent between 2019 and 2030, sources told Reuters earlier this month.

In Britain, BP is also developing with its partner EnBW three wind farms in the Irish Sea and the North Sea with a combined capacity of 5.9 gigawatts.

 

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