BP enters the offshore wind energy market

British oil giant BP announced that it has started exploring the offshore wind energy sector, thanks to a partnership with the Norwegian group Equinor in the United States.

BP is providing $ 1.1 billion to Equinor to jointly develop projects with existing wind turbines off the New York and Massachusetts coasts.

First investment in renewable energy

The British oil giant says that this is its first investment in offshore wind energy, which is booming around the world, something that will help it meet its renewable energy objectives.

The group announced that it wants to multiply its investments in low-carbon energy by 10 by 2030, to reach 5 billion dollars per year.
From oil group to energy group

BP explained that it no longer wants to be considered an “oil group”, but rather an “energy group” to adapt to the new reality generated by the coronavirus pandemic and to achieve carbon neutrality by 2050.

“It is an important first stage in respecting our strategy and our transition to become a truly integrated energy company,” said Bernard Looney, CEO of BP, referring to the agreement with Equinor, a partnership he defined as a “recognized leader. ” in the market.

The person in charge explained that the offshore wind energy sector, which consists of the installation of wind turbines in the sea to extract energy from the wind, grows by 20% a year in the world.