BP has increased its forecast capex on transition businesses by 2030
BP bets on bioenergy in accelerated transition plan
European major to boost biofuel and biogas production as spending on transition business rises to 40pc of capex by 2025
European oil major BP has set out plans for an aggressive expansion of its bioenergy business as part of an accelerated energy transition strategy and more ambitious emission reduction targets. BP aims to triple its current 5,000bl/d of biofuels production across three of its existing refineries by 2030. In addition, it plans to invest in five major biofuels projects, including three adjacent to existing refineries and the conversion of two existing facilities into biorefineries, the company says. “This focus on leveraging existing infrastructure, logistics, scale and customer relationships is expected to create real capital-efficient growth,” CEO Bernard Looney said in a strategy update rel
Also in this section
27 November 2024
The agreement by the parties to raise at least $300b/yr for developing countries by 2035 was derided as a betrayal by the Global South, but the UN urged pragmatism
26 November 2024
Agreements on how to operationalise both Article 6.2 and 6.4 will mean countries can start to trade emissions reductions as part of their contributions to the Paris Agreement
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
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
