UK

BP to sell stranded oil and gas assets amid push to renewables – reports

Details of BP PLCs (LON:BP. pivot continue to emerge following Tuesdays unveiling, with reports indicating that 'stranded' oil and gas projects – those not already attached to infrastructure – will be among those potentially set for the exit door.

Citing three sources familiar with the plan, a Reuters report said BP execs wanted to sell such assets to enable more investment into renewable energy.

READ: What becomes of BP in its lower carbon future

On Tuesday, BP said it will transition from being an international oil company to become an integrated energy company.

BP said it would cut oil and gas volumes by more than 40% over the next ten years. There will no new exploration in new countries and, operationally, the company plans to reduce its emissions by 30 to 35%.

The famous oiler told investors it will aim to increase renewable energy capacity some 20-fold from its current level of around 2.5 gigawatts to 50GW. At the same time, it wants to take a 10% share of the hydrogRead More – Source