BP Advances Offshore Wind

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BP and two Norwegian companies have formed a consortium that plans to submit a bid to develop an offshore wind power project. The location is the Sorlige Nordsjo II (SN2) license area offshore Norway, one of two areas Norway is offering for offshore wind development. It is suitable for turbines that stand on the seabed, while the other area, Utsira Nord, has deeper waters where floating turbines can be deployed. The UK oil and gas major's partners in the consortium are renewable power utility Statkraft and Aker Offshore Wind, with each company set to hold a one-third stake. Last month Norwegian oil and gas major Equinor announced a partnership with German utility RWE to develop an offshore wind project in the same zone. BP has interests in offshore wind in the UK and in the US, where it has also teamed up with Equinor. The company aims to grow its net developed renewable power generation capacity to 20 gigawatts by 2025 and 50 GW by 2050 from 2.5 GW in 2019. It also said its oil and gas production will shrink by roughly 40% over the coming decade.

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