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bp unveils £18 billion UK energy investment plans

By: Tom Russell 03/05/2022 bp

General Windfarms

bp, one of the largest oil and gas producers in the UK, has announced plans to invest up to £18 billion in the UK’s energy system by the end of 2030, with interests in a number of low carbon sectors including offshore wind, hydrogen and carbon capture and storage (CCS).

Concerning offshore wind, bp's announcement includes investing in infrastructure, ports, harbours and shipyards, including the construction of four ships to support the offshore wind projects across the UK, subject to technical and commercial due diligence. These new-builds are anticipated to involve an investment of more than £100m and would be expected to support 500 associated jobs.

Furthermore, it aims to commit more than £1 million, as part of the successful ScotWind bid with EnBW, to X-Academy in Scotland in a five-year deal, supporting both reskilling experienced workers and the creation of entry-level energy transition roles. It also plans to make Aberdeen bp’s global operations and maintenance centre for offshore wind.

bp, in partnership with EnBW, is developing two 60-year offshore wind leases in the Irish Sea (combined potential generating capacity of 3 GW). Alongside EnBW, bp has also secured a lease option (potential generating capacity of 2.9 GW) off the east coast of Scotland in the ScotWind round. bp has unveiled plans to create two large-scale hydrogen production facilities: H2 Teesside (blue) and HyGreen Teesside (green). The sites are expected to produce 1.5 GW of hydrogen by 2030.

Within CCS, bp is leading the Northern Endurance Partnership, to serve the East Coast Cluster (ECC). The ECC has recently been named as one of the UK’s first CCS projects and aims to remove nearly 50% of all UK industrial cluster CO2 emissions.

Furthermore, it is leading Net Zero Teesside Power (NZT Power) which could be the world’s first commercial scale gas-fired power station with carbon capture - with the ‎potential to deliver enough low carbon, flexible electricity to power around 1.3 million homes.

bp intends to continue investing in North Sea oil and gas, while driving down operational emissions. This includes developing lower emission oil and gas projects to support near term security of supply, for example, at the Murlach, Kate and Mungo fields around the bp-operated ETAP hub in the central North Sea and the Clair and Schiehallion fields West of Shetland. It also aims to Invest in exploration around its existing North Sea hubs. Furthermore, it will progress asset electrification projects in the Central North Sea and West of Shetland to further reduce operational emissions and supporting the North Sea Transition Deal.

Bernard Looney, chief executive officer, bp, said: “We’re backing Britain. It’s been our home for over 110 years, and we’ve been investing in North Sea oil and gas for more than 50 years. We’re fully committed to the UK’s energy transition – providing reliable home-grown energy and, at the same time, focusing on the drive to net zero. And we have ambitious plans to do more and to go faster. Our plans go beyond just infrastructure - they see us supporting the economy, skills development and job opportunities in the communities where we operate. We are all in.”

Other investment interests include working with Aberdeen City Council in a joint venture to deliver a scalable green hydrogen production, storage and distribution facility powered by renewable energy. It also aims to support the Port of Aberdeen on decarbonisation projects.

For more information on offshore wind farms worldwide, click here.

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bp unveils £18 billion UK energy investment plans

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