Oil and gas company BP has announced that it intends to focus on renewable investment in the future and is now keen to acquire more green energy firms, although chief executive Bob Dudley was quick to stress that hydrocarbons would remain at the heart of BP’s operations.
He explained that it’s not about who’s going to be the first to prioritise renewables but more about racing to reduce greenhouse gas emissions. The world will still have a requirement for oil and gas for years to come, however fast clean energy and renewables can grow, the Guardian reports.
BP has already purchased a $200 million stake in the biggest solar developer in Europe and it’s apparently intending to invest in other solar firms as well in the future.
And, of course, BP isn’t the only one making waves in this area. Similarly, Shell bought a car charging network towards the end of 2017, purchased UK energy supplier First Utility and teamed up with electric vehicle charging company Ionity.
All that being said, BP also announced on January 31st two new exploration discoveries in the North Sea, one in Capercaillie and the other in Achmelvich. The former has been drilled to a total depth of 3,750m, encountering light oil and gas condensate in Cretaceous and Palocene-age reservoirs.
As for the Achmelvich well, this one was drilled to a depth of 2,395m and found oil in Mesozoic-age reservoirs. Future options are now being assessed as part of the evaluation and interpretation of the well results.
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