BP invests in offshore wind

Following a century of oil exploration, BP is now planning to move into offshore wind power with a strategic partnership with Equinor ASA. As part of the deal, BP has announced that it will purchase a 50 percent stake in Equinor’s Empire Wind and Beacon Wind assets for $1.1 billion, with Equinor remaining as the operator. According to BP CEO Bernard Looney, the project is considered to be an important early step in the delivery of a new strategy and pivot to truly becoming an integrated energy company. Tshe Empire Wind and Beacon Wind developments are located off New York City and the Massachusetts coast.