BP aims to expand its biogas business
BP announces $4.1bn Archaea acquisition
The oil major aims to expand its presence in the US biogas industry
BP has announced it will buy US renewable natural gas (RNG) firm Archaea for $3.3bn in cash, as well as providing around $800mn of net debt, in an effort to expand its biogas business. RNG can be used interchangeably with fossil fuel-based natural gas. And while it is not zero-carbon, as it is derived from organic waste, its use results in lower lifecycle greenhouse gas emissions than fossil fuel-based gas, which could help BP meet its interim targets to reduce the carbon intensity of its energy products by 5pc by 2025 and 15-20pc by 2030. Archaea operates 50 RNG and landfill gas-to-energy facilities in the US and produces around 6,000bl/d oe. The acquisition is expected to provide an immedi
Also in this section
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
Recent project approvals have yielded millions of carbon credits linked to the plugging of the US' abandoned wells
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
