BP to spend US$1.1bil to enter offshore wind with Equinor

“This is an important early step in the delivery of our new strategy and our pivot to truly becoming an integrated energy company, ” BP chief executive Bernard Looney (pic) said in a statement.

OSLO: BP entered the offshore wind market on Thursday with a US$1.1bil deal to buy 50% stakes in two US developments from Norway’s Equinor, a significant step by the oil firm towards its energy transition goals.

The British oil and gas company has set itself a target of increasing its renewable power generation capacity by 20 fold in the coming decade to 50 GW.