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The title may read oil and gas, but if you read the full article you'll see how Proserv also plan to shape the renewables market with our technologies and partnerships. Proserv

🌍 Big shifts at BP! 🛢️ Under new CEO Murray Auchincloss, BP is taking a surprising turn back to oil and gas. 🔄 What’s driving this strategic pivot? 🌬️ Wind energy investments are on pause—why now? 💼 A bold move amid escalating financial pressures... but what does this mean for BP's green commitments? 🌿 📉 With $2 billion in cost savings on the horizon, how will this reshape BP's global operations? 🌐 And with talks of acquisitions and strategic refocusing, what’s next for this energy giant? 🤔 Curious about the future of energy? Dive deeper into the strategy shifts and their global impact. 🌟 https://lnkd.in/gRiBuA23 🔗 [Read More] 👀 Stay updated with more insights! Follow us Karmactive 🚀 #BPEnergyShift #OilAndGas #RenewableEnergyPause #StrategicPivot #EnergyTransition #FinancialStrategy #FollowTheEnergy #EnergyNews #karmactive

bp has implemented a hiring freeze and stopped new offshore wind projects due to lower energy prices and rising costs. This move is part of BP's strategy to cut expenses and streamline operations amid financial pressures from investors. The company is balancing traditional oil and gas operations with renewable energy commitments. BP’s decision highlights the challenges energy companies face in transitioning to greener sources while maintaining profitability. https://lnkd.in/d3caernm #EnergyIndustry #RenewableEnergy #OilAndGas #BP #EnergyTransition

The week has seen pushback from the industry's leaders over the Biden administration's pause on LNG project approvals. However, some jurisdictions, like Canada, look keen to benefit from the opportunities the US move might bring.  Meanwhile, on the deals front, activity continued steadily, with moves in renewables, power and gas and more agreements for offtakes inked...

The energy sector has emerged as a luminous part of M&A dealmaking. The robust momentum was a byproduct of cash-rich oil and gas producers going on a buying spree to fuel growth and sustained interest from investors and corporates in energy transition projects.

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

London-listed oil and gas company Harbour Energy has inked a five-year master service agreement (MSA), covering work related to three production assets in the UK sector of the North Sea, to EthosEnergy, a provider of services and solutions for rotating equipment in the energy and industrial sectors. hEthosEnergy teammates working on a gas turbine; Courtesy of EthosEnergy According to EthosEnergy, this agreement, which comes with an extension option, will enable it to become Harbour Energy’s primary service provider for the maintenance and support of a fleet of light industrial gas turbines across three production assets in the North Sea. While the names of the three assets have not been disclosed, Harbour Energy’s operated UK offshore assets encompass the Greater Britannia Area, J-Area, AELE, Catcher, and Tolmount areas. Mario Cincotta, East Hemisphere EVP at EthosEnergy, commented: “As a mature basin, the North Sea is home to aging infrastructure which requires ongoing and meticulous maintenance to keep assets operational and safe. The harsh environmental conditions and 24/7 activity on assets demand expertise and efficiency from companies across the supply chain, and for those companies to deliver through a lens of emissions reduction. “We are proud to provide our comprehensive suite of services, including the repair and ongoing maintenance of the gas turbine units, to Harbour Energy. The expansion of our relationship builds on the impressive steps we have taken alongside Harbour Energy to support the company in lowering life cycle costs, increasing reliability of its turbines and extending equipment life across its asset portfolio.” https://lnkd.in/ep38pWtV

For this week's #PGE301 post, I will discuss the effects of BP's split from Equinor and BP's increased interest in investing in oil and gas. Recently, BP split from Equinor, an energy company from Norway, with which BP had shared 3 offshore wind projects. During the split, BP sold two of the projects that it had stake in, writing down the value of its offshore wind-based units by over $1 billion. However, BP did maintain some interest in the wind energy business, since it bought the Beacon Wind project after its split with Equinor. This purchase allowed for BP to further its commitment to its goal of net-zero emission by 2050. At the same time, there has been an increased demand of energy over the recent years, and the comparatively high output of oil and gas resources relative to their clean energy counterparts has caused BP to focus more on oil and gas resources. The company hopes to increase its oil and gas production by 2 to 3 percent a year till 2027 in order to meet the increasing demand for energy.

📌 Australian energy company Woodside Energy has announced its intention to acquire Tellurian and its Driftwood liquefied natural gas (LNG) development project in the southern United States for approximately $900 million. This strategic move reinforces Woodside's commitment to the US market, where it already owns the majority of the Shenzi oil and gas field and plans to invest $5 billion in new energy projects by 2030, including a hydrogen project in Oklahoma. The purchase of Tellurian, supported by the directors of the target company, allows Woodside to position itself more strongly in the Atlantic and Pacific basins, optimizing its global marketing capacity. This acquisition is a reflection of Woodside's appetite to join the wave of consolidations in the energy sector, as Chevron and Exxon Mobil have done with their recent acquisitions. Demand for natural gas, considered by many investors to be a key transition fuel to cleaner energy, continues to rise. According to the International Energy Agency, the LNG market will remain fragile in the near term, although a significant increase in liquefaction capacity is expected by 2030. The US LNG industry has faced regulatory challenges, such as the suspension of permits by the government of Biden, although this measure was later blocked by a federal judge. Tellurian's plans to build five LNG processing units in four phases, with the capacity to produce up to 27.6 million metric tons of LNG annually, present a significant opportunity for Woodside. The company expects to make a final investment decision on the first phase of the Driftwood LNG project in the first quarter of 2025. This acquisition not only expands Woodside's presence in the LNG market, but also strengthens its relationship with Bechtel, a key contractor on its projects in both the United States and Australia. Together, these strategic moves underline Woodside's ambition to lead in the global energy transition and capture new opportunities in the dynamic LNG market. #LNG #Energy #Industry

BP to Divest its U.S. Onshore Wind Business as Strategic Focus Shifts BP, the British multinational oil and gas company, has announced its intention to sell its U.S. onshore wind operations, citing misalignment with its strategic growth objectives. This decision marks a significant shift as BP redirects its focus towards its solar partnership with Lightsource BP. The company is set to initiate the sale process for BP Wind Energy, which encompasses ten operational onshore wind facilities across seven states in the United States, boasting a net generating capacity of 1.3 gigawatts. The onshore wind sector has faced numerous challenges, prompting several companies to terminate power contracts due to rising material costs, increasing interest rates, and supply chain disruptions. William Lin, BP's executive vice president of gas and low carbon energy, stated, “We believe this business is likely to be more valuable to another owner.” In November, BP revealed plans to acquire full ownership of Lightsource BP, Europe’s largest solar energy developer. This move comes at a time when BP’s new CEO, Murray Auchincloss, has halted new offshore wind projects and paused hiring in response to investor dissatisfaction with the company's energy transition approach. Auchincloss is now shifting BP's focus back to its traditional oil and gas operations, diverging from the strategy of former CEO Bernard Looney, who aimed for a rapid transition away from fossil fuels. BP's increased emphasis on renewable energy in recent years has adversely impacted its profitability, as returns from clean energy have diminished while oil and gas prices have surged. The exit from onshore wind investments aligns with BP’s renewed commitment to fossil fuels. Recently, BP completed a $1 billion deal with Apollo Global Management to support its investment in the Trans Adriatic Pipeline, a key natural gas infrastructure project. Apollo now holds a non-controlling stake in BP Pipelines TAP Limited, a BP subsidiary that owns 20% of Trans Adriatic Pipeline AG. The proceeds from this transaction will assist BP in achieving its 2024 divestment target of $2 billion to $3 billion. This strategic shift reflects BP’s ongoing effort to balance its renewable energy ambitions with the financial realities of the energy market. By focusing on its core strengths in oil and gas, while selectively investing in renewable projects, BP aims to navigate the complex landscape of the global energy transition. #BP #WindEnergy #RenewableEnergy #EnergyTransition #OnshoreWind #SolarEnergy #OilAndGas #EnergyStrategy #Sustainability #CleanEnergy #EnergyMarket #BusinessStrategy