BP (LON:BP) launches first foray into offshore wind with Equinor (NYSE: EQNR)

Company News

by Katrina Bullock

British integrated oil and gas company, bp (LON:BP) has launched its first foray into offshore wind with a new $1.1 billion strategic partnership with Equinor (NYSE:EQNR).

The partners will develop major renewable assets with the potential to power more than 2 million homes in the United States.

The move comes a month after bp announced a new strategy, which includes the aim to increase annual low carbon investment 10-fold to around $5 billion a year by 2030.

BloombergNEF forecasts that offshore wind energy will grow six-fold globally over the next 10 years.

Shares in BP (NYSE:BP) last traded at 262 pounds and 25 Pence Stirling on the London Stock Exchange yesterday.