Marius Pantea’s Post

Exciting news on the horizon for BP as they announce a pause on their offshore wind projects. Read more about the decision in this article from The Telegraph. This move demonstrates BP's commitment to carefully evaluating their energy investments and adapting to market dynamics. #BP #offshorewind #TheTelegraph https://ift.tt/E1nXdv7

BP has put all new offshore wind projects on pause as the oil company’s new chief executive seeks to focus more heavily on fossil fuels. Murray Auchincloss, who became permanent head of the business at the start of the year, has also frozen hiring in the offshore wind division. The move, which was first reported by Reuters, follows investor discontent over the company’s switch to green energy. However, it is likely to trigger a backlash from climate campaigners who have waged a years-long campaign to push BP into clean energy. Mr Auchincloss is seeking to slow down investments in big budget, low-carbon projects, particularly in offshore wind, that are not expected to generate cash for years. https://lnkd.in/di5AM3iB

Exciting news! Just read an article in The Telegraph about BP pausing their offshore wind projects. It's definitely a hot topic in the energy industry. What are your thoughts on the decision? Are you surprised, or did you see this coming? Let's discuss! #BP #offshorewind #renewableenergy https://ift.tt/E1nXdv7

🔺Attention LinkedIn Network🔺 🌬️ Big news in the energy industry: BP has made the decision to freeze their offshore wind projects in order to prioritize their focus on fossil fuels. The Telegraph has reported on this shift, sparking discussions about the future of renewable energy and the traditional energy sector. As the industry continues to evolve, it's crucial to stay informed on developments like this. What are your thoughts on BP's decision? How do you see the balance between renewable energy and traditional fuels shaping the future of energy? Join the conversation and share your insights using #BP #RenewableEnergy #FossilFuels. Let's keep the dialogue flowing! https://ift.tt/E1nXdv7

Back Pedaling BP Writes Off A Billion on Wind, Signals Big Gas Investments https://lnkd.in/gDVNmfQG #BP #Oil #NaturalGas #Wind #OffshoreWind #EnergyTransition

📢 Exciting news for our LinkedIn community! BP has announced a decision to put its plans for wind farms on hold as the company redirects its focus to doubling down on fossil fuels. According to a report by This is Money, this shift in strategy reflects BP's commitment to leveraging its expertise and resources in the traditional energy sector. This bold move has sparked discussions around the future of renewable energy and the role of major players in the global energy landscape. As the industry evolves, it's crucial to stay informed and engaged in these pivotal developments that shape our energy future. Join the conversation by sharing your thoughts on the evolving energy industry, and let's explore the implications of this strategic shift. Together, we can gain valuable insights and perspectives on the path forward for sustainable and reliable energy solutions. #BP #EnergyTransition #FossilFuels https://ift.tt/AGoEpyP

"The onshore wind divestment coincides with BP doubling down on fossil fuels." I've had many a good #divest vs. #engage debate. The pro-engagement side often pointed to BP as the example of why sustainable investors need to keep their seat at the table. At Carbon Collective, we often retorted that if you looked at BP's revenue disclosures something like 97% of their revenue was still coming from oil and gas. This was not a company that was anywhere close to "Beyond Petroleum." Shareholder engagement is an incredibly important tool for collective climate action. But it needs to be used wisely. Look at why BP is backtracking on its commitments. The supply/demand calculus for fossil fuels changed after Russia's invasion of Ukraine. That's where we should be use shareholder power. Not to supply-side pressure fossil fuel companies to voluntarily change business models. But to demand-pressure their customers into changing it for them. Because with renewables + battery systems, it's getting a lot easier to make the purely financial case to move away from fossil fuels. https://lnkd.in/gnvVbyvH

Following a period of underinvestment, the #oil & #gas industry is entering a new capex cycle, with market conditions expected to remain supportive of an upturn in global spend over the medium term, according to Tekmar Group. #offshoreenergy #offshorewind #oilandgas

bp and Equinor are parting ways in the U.S. #offshorewind market, as the U.S. offshore wind industry begins to stabilize after last year's rising costs, canceled plans and general uncertainty. Read more: https://ow.ly/s00L50QwU4k

BP abandons goal to cut oil output, resets strategy https://lnkd.in/d4_8ZmiQ BP, under CEO Murray Auchincloss, is dramatically shifting its strategy away from the ambitious energy transition plan set by his predecessor. This means abandoning the goal of a 25% reduction in oil and gas output by 2030 and instead focusing on maximizing profits from fossil fuels. BP is prioritizing investor confidence and short-term gains by increasing oil and gas production, particularly in the Middle East and Gulf of Mexico. This marks a clear departure from the previous focus on renewable energy and emissions reduction. BP will invest in new oil and gas projects in Iraq, Kuwait, and the Gulf of Mexico, signaling a return to its core business areas. While still aiming for net zero emissions by 2050, BP is scaling back investments in renewables, pausing offshore wind and biofuel projects, and reducing its hydrogen portfolio. But BP shares were up 0.8%. Yaaay!