Latest news with #MurrayAuchincloss
Times
3 days ago
- Business
- Times
BP offloads US wind farms in continued retreat from green energy
BP has offloaded its American onshore wind farm business as it continued its retreat from green energy. The sale to LS Power should help the FTSE 100 oil and gas group towards its target of $20 billion of divestments by 2027. It is seeking to shore up its heavily indebted balance sheet, including through asset sales of $3 billion to $4 billion this year. The sale of the US wind farms began in September last year, with BP saying at the time that the assets were 'not aligned' with its plans for growth in its solar venture Lightsource BP. Murray Auchincloss, chief executive, then pledged in February to 'fundamentally reset' BP's strategy, has abandoned most of the green energy goals set under his predecessor Bernard Looney and refocused the company on focus on oil and gas. BP declined to disclose the value of the wind farms deal but promised to give further details as part of its second-quarter results in early August. Irene Himona, analyst at Bernstein, said: 'Using 2024 average global renewables transaction multiples as a reference point, we estimate the deal consideration could reach circa $2.2 billion or above.' However, sources indicated the value was likely to be significantly lower than this, as the global averages did not reflect prices for ageing assets in the American market. BP is also looking to sell its Castrol lubricants business and a stake in Lightsource BP. It has already announced a deal this month to offload its petrol stations in the Netherlands for an undisclosed sum, thought to be in the hundreds of millions of dollars. BP has global operations including drilling for new oil and gas discoveries and retailing fuel and Marks & Spencer convenience food. It reported underlying profits of $8.9 billion last year. Its US wind farm business comprises ten operational wind farms that were mostly built or acquired in the mid to late 2000s as part of BP's first push into green energy. Lord Browne of Madingley, when chief executive, established 'BP Alternative Energy' in 2005 as the oil giant promised to go 'Beyond Petroleum'. BP wholly owns five of the wind farms, in Indiana, Kansas and South Dakota, and has 50 per cent stakes in five others in Colorado, Indiana, Pennsylvania, Idaho and Hawaii. They have a total generating capacity of 1.7 gigawatts and BP's share is 1.3 gigawatts. William Lin, BP's executive vice-president for gas and low-carbon energy, said: 'We have been clear that while low-carbon energy has a role to play in a simpler, more focused BP, we will continue to rationalise and optimise our portfolio to generate value. The onshore US wind business has great assets and fantastic people but we have concluded we are no longer the best owners to take it forward.'
Times
3 days ago
- Business
- Times
BP offloads US wind farms worth $2bn
BP has offloaded its American onshore wind farm business in a deal that analysts estimate could be worth more than $2 billion. The sale to LS Power should help the FTSE 100 oil and gas group towards its target of $20 billion of divestments by 2027. It is seeking to shore up its heavily indebted balance sheet, including through asset sales of $3 billion to $4 billion this year. The sale of the US wind farms began in September last year, with BP saying at the time that the assets were 'not aligned' with its plans for growth in its solar venture Lightsource BP. Murray Auchincloss, chief executive, then pledged in February to 'fundamentally reset' BP's strategy, has abandoned most of the green energy goals set under his predecessor Bernard Looney and refocused the company on focus on oil and gas. BP declined to disclose the value of the wind farms deal but promised to give further details as part of its second-quarter results in early August. Irene Himona, analyst at Bernstein, said: 'Using 2024 average global renewables transaction multiples as a reference point, we estimate the deal consideration could reach circa $2.2 billion or above.' She estimated that BP was 'on track to meet or exceed the mid-point of its 2025 goal, with circa 74 per cent of the target achieved, post the completion of today's deal'. BP is also looking to sell its Castrol lubricants business and a stake in Lightsource BP. It has already announced a deal this month to offload its petrol stations in the Netherlands for an undisclosed sum, thought to be in the hundreds of millions of dollars. BP has global operations including drilling for new oil and gas discoveries and retailing fuel and Marks & Spencer convenience food. It reported underlying profits of $8.9 billion last year. Its US wind farm business comprises ten operational wind farms that were mostly built or acquired in the mid to late 2000s as part of BP's first push into green energy. Lord Browne of Madingley, when chief executive, established 'BP Alternative Energy' in 2005 as the oil giant promised to go 'Beyond Petroleum'. BP wholly owns five of the wind farms, in Indiana, Kansas and South Dakota, and has 50 per cent stakes in five others in Colorado, Indiana, Pennsylvania, Idaho and Hawaii. They have a total generating capacity of 1.7 gigawatts and BP's share is 1.3 gigawatts. William Lin, BP's executive vice-president for gas and low-carbon energy, said: 'We have been clear that while low-carbon energy has a role to play in a simpler, more focused BP, we will continue to rationalise and optimise our portfolio to generate value. The onshore US wind business has great assets and fantastic people but we have concluded we are no longer the best owners to take it forward.'
Reuters
3 days ago
- Business
- Reuters
BP to sell US onshore wind business to LS Power
July 18 (Reuters) - Energy major BP (BP.L), opens new tab said on Friday it had agreed to sell its U.S. onshore wind business, bp Wind Energy, to U.S.-based electricity transmission systems operator LS Power. BP has been divesting assets and partnerships over increasing investor pressure to improve profitability after its shares underperformed rivals. The deal comes under CEO Murray Auchincloss' plans to cut BP's investments in renewable energy and ramp up spending in oil and gas, in efforts to boost returns. bp Wind Energy will be owned and operated under LS Power's portfolio company Clearlight Energy, BP said.
Mint
10-07-2025
- Business
- Mint
Petroleum minister Puri talks to Opec about ensuring balance and predictable global oil market
New Delhi: Union petroleum and natural gas minister Hardeep Singh Puri has spoken to Haitham Al Ghais, the secretary general of Opec, on ways to ensure that oil markets remain balanced and predictable, an official statement said on Thursday. During the 9th Opec International Seminar in Vienna on Wednesday, the minister also met several stakeholders in the oil and gas space, including Heineken Lokpobiri, Nigerian minister of state for petroleum resources; Wael Sawan, CEO of Shell; Murray Auchincloss, CEO of bp; and Russel Hardy, Group CEO of Vitol. The statement said that at the seminar, Puri met the secretary general of Opec. "They discussed India's strong partnership with Opec and ways to ensure that oil markets remain balanced and predictable to support smooth global transition into green and alternative energies, particularly in light of recent geopolitical challenges. As the world's 3rd largest importer of oil, India and Opec, the grouping of major oil producers, share a unique and symbiotic relationship," the statement said. The talks come as the global oil market emerged from a very volatile scenario last month amid the Israel-Iran conflict. On 5 July, Opec and its allies, commonly known as 'Opec+', agreed that starting August 2025, they would increase production by 548,000 barrels per day. This move has eased supply concerns and prices in the market. In his meeting with Murray Auchincloss, CEO of bp, Puri shared that they took forward the ongoing dialogue on strengthening bp's partnership in India's upstream and downstream energy sector, the statement said. bp has a longstanding and comprehensive engagement in India across the energy value chain and also participated in the ninth round of auctions under the Open Acreage Licensing Policy (OALP). The discussions also covered India's plans to aggressively enhance its domestic exploration and production (E&P) capabilities by exploring 2.5 lakh sq km under OALP Round-10. Indian energy companies have partnered with bp for E&P investment globally and are now collaborating in retail, natural gas, and compressed biogas. The minister and Russel Hardy, Vitol's Group CEO, discussed current challenges in the global energy markets and collaborations across the hydrocarbons value chain. Puri's meeting with the Shell CEO was focused on potential collaborations in light of India's ambitious exploration and production plans. The minister noted that India is set to explore nearly 2.5 lakh square km in new offshore and onshore areas, marking one of the world's largest bidding rounds. He underlined that India's efforts to increase the share of natural gas in its energy mix from 6% to 15% present significant opportunities for advanced technological partnerships. He added that the drive towards greater exploration and production activity stands to benefit from Shell's cutting-edge technologies, paving the way for mutually beneficial collaborations that support India's energy security objectives.
Zawya
07-07-2025
- Business
- Zawya
Driving Angolan Hydrocarbon Production: bp Chief Executive Officer (CEO) Murray Auchincloss Joins Angola Oil & Gas (AOG) 2025
Murray Auchincloss, CEO of global energy company bp, has joined the Angola Oil&Gas (AOG) conference as a keynote speaker. His participation comes as bp – through its joint venture Azule Energy – advances a series of large-scale oil and gas developments in Angola, covering strategic investments from upstream exploration to oil production to non-associated gas development. Auchincloss' participation at the event reflects bp's broader commitment to Angola and is expected to unlock new opportunities for collaboration across the sector. With a long history in Angola, bp has played an instrumental role in unlocking significant value from the country's oil and gas resources. Initial forays by the energy major in the 1990s included the acquisition of four deepwater blocks, with a further five deep and ultra-deepwater blocks across the Kwanza and Benguela basins acquired in 2011. These investments marked the start of a decades-long commitment to Angola, with the energy major contributing significantly to the country's oil production. Many of these blocks continue to account for a significant share of the country's production portfolio, including Block 18 and 31 in the Lower Congo basin and Blocks 19 and 24 in the Kwanza and Benguela basin. Following a merger of bp's Angolan assets in 2022 with those of energy major Eni, the companies further strengthened their operational stronghold in Angola. The merger led to the establishment of the largest independent equity producer of oil and gas in the country and one that continues to play a central role in Angola's oil and gas market. The company's asset portfolio comprises 18 licenses – of which 11 are operated by Azule Energy and one is situated in Namibia. Azule energy also has a stake in the country's sole LNG facility: Angola LNG. With a target to increase oil production to 250,000 barrels per day – up from the current 210,000 bpd – while advancing non-associated gas development, Azule Energy is accelerating the development of several impactful projects. The company is preparing to start operations at the Agogo FPSO vessel in the second half of 2025. The vessel – arriving in Angolan waters in May 2025 – will be situated at the Agogo Integrated West Hub Development, joining the operational Ngoma FPSO to harness resources from Block 15/06. The vessel will increase the block's production capacity by 120,000 bpd and features a combined cycle power generation unit, advanced electrification and digital automation, a seawater-driven turbine generators and a vapor recovery unit to eliminate flaring. The vessel will add to Azule Energy's existing portfolio of operational FPSOs in Angola, with four deepwater vessels. currently in production. Beyond Agogo, Azule Energy is developing Angola's first non-associated gas projects through its operatorship of the New Gas Consortium. The project will harness gas resources at the Quiluma&Maboqueiro shallow water fields, thereby enhancing feedstock for the Angola LNG facility. As of February 2025, the project partners – namely, Cabinda Gulf Oil Company, Sonangol P&P and Totalenergies – completed the offshore platforms for the project. Production is expected to start in late-2025 or early-2026, six-months ahead of schedule. These developments coincide with a drive to enhance clean energy development in Angola, with Azule Energy spearheading projects in biorefining and solar. The company is developing the Caraculo solar photovoltaic plant through Solenova – a joint venture with Sonangol – which will be located in the province of Namibe. The project targets a total capacity of 50 MW, with the first 25 MW phase coming online in 2023. In 2024, Azule Energy and Sonangol signed an agreement to enhance decarbonization at the operational Luanda Refinery – the country's sole operating refining facility. The agreement will see the partners conduct a feasibility study for the development of a biorefinery at the facility, aiming to advance low-carbon energy solutions in Angola. These projects reflect the commitment by bp to advance Angolan energy production and Auchincloss' participation at the country's premier industry event is expected to generate greater understanding of the company's portfolio, ongoing projects and future investment plans. Distributed by APO Group on behalf of Energy Capital&Power.
