bp teams up with Quaybridge

4C Offshore | Tom Russell
By: 22/07/2021 bp
bp has formed an exclusive consultancy agreement with Quaybridge. The two companies will work together with the aim of advancing bp’s global offshore wind portfolio and accelerate the building of in-house offshore wind knowledge for bp.

As part of the new agreement, members of the Quaybridge team will work with bp’s Renewables Growth business development team. Quaybridge worked with the bp and EnBW teams and won ‘preferred bidder’ status for the
Mona and Morgan Irish Sea leases in the recent UK Round 4 leasing round.

The bp/EnBW consortium and Quaybridge are participating independently in the ongoing ScotWind leasing round, which will not be in the scope of the new consultancy agreement.

David Anderson, bp’s SVP for Renewables Growth, said: “Investing in the right skills is critical to success. Quaybridge is trusted and respected in the offshore wind industry for their deep technical expertise and their entrepreneurial and agile spirit.  We believe this partnership will give us a cutting edge in a hugely competitive industry as we look to accelerate our global portfolio and deliver our ambition to be a leader in offshore wind energy.”

Team Director for Quaybridge Colin Morgan commented: “It’s fantastic to have the opportunity to support bp under this new agreement. The whole team is really excited at the prospect of continuing to deliver success in offshore wind development with such a capable and ambitious partner as bp.”

Last year, bp formed a partnership with Equinor to develop offshore wind projects in the US, including acquiring a 50% stake in projects with a planned potential 4.4 GW gross generating capacity. With partner EnBW, it was named preferred bidder for two Irish sea leases in UK Round 4, with a total gross generating capacity of 3 GW. Onshore in the US, bp has a gross generating capacity of 1.7GW, operating nine wind assets across the country. bp is currently bidding with partners to develop offshore wind off the coasts of Scotland and Norway.

Rapidly growing its renewables business is core to bp’s strategy – by 2030 bp aims to have developed a ~50 GW net renewable generating capacity, up from 3.3GW in 2020. The strategy also includes plans to increase bp’s annual low carbon investment 10-fold, to around $5 billion a year, and also reducing oil and gas production by around 40% from 2019 to 2030.