BP, which announces its half-year results on Tuesday, said last month that it would sell its share in 10 US onshore windfarms to the New York-headquartered LS Power. On Monday it launched its 50:50 offshore wind joint venture with the Japanese wind company Jera worth up to £4.5bn, which it plans to use to gain some access to zero-carbon wind energy developments while focusing on fossil fuels.
The UK-based firm said on Monday that it is conducting tests at the site in deep water off Brazil’s east coast. The discovery could play a major role in BP’s plans to increase crude oil production.
Chief Executive Officer Murray Auchincloss reset BP’s strategy in February by promising to refocus on oil and gas after years of failed low-carbon investments. Other supermajors had recommitted more quickly to the hydrocarbon-focused strategies that fed their profits.