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BP Freezes Offshore Wind Projects to Focus on Fossil Fuels

by Will Jones
27 June 2024 1:00 PM

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. The Telegraph has more.

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.

It suggests he is reversing the policies of Bernard Looney, his disgraced predecessor, who tried to move away from fossil fuels before quitting over inappropriate relationships last autumn.

The shift to greener energy has weighed on BP’s shares as returns from renewables shrank, while profits from oil and gas soared. The global recovery from the pandemic and then Russia’s invasion of Ukraine both drove prices to new highs.

Mr. Auchincloss and Chief Financial Officer Kate Thomson have prioritised investing in and even acquiring new oil and gas assets, particularly in the Gulf of Mexico and U.S. onshore shale basins, where BP already has large operations, company sources briefed on the matter said.

Worth reading in full.

Tags: BPClimate AlarmismFossil fuelsNet ZeroOilRenewable energyWind Power

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14 Comments
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NeilParkin
NeilParkin
2 months ago

So, Nett Zero is continuing its preposterous search for the Holy Grail of achieving nothing of any significance, while bankrupting us all. Excellent. Why do these people show not one shred of doubt as they stagger from one useless idea to another to prop-up this forlorn hope.

24
0
Jon Garvey
Jon Garvey
2 months ago
Reply to  NeilParkin

Partly because they’re useless and forlorn, i suppose.

8
0
JXB
JXB
2 months ago
Reply to  Jon Garvey

Evil.

1
0
PRSY
PRSY
2 months ago
Reply to  NeilParkin

Because it was never about the climate.

20
0
Grim Ace
Grim Ace
2 months ago
Reply to  PRSY

Indeed it’s about taking all your stuff, comrades.

10
0
huxleypiggles
huxleypiggles
2 months ago
Reply to  NeilParkin

Nut zero does not offer hope in any form whatsoever, not even forlorn, it is the most anti-human, soul destroying, planet destroying unicorn ever invented. A Scam so immense it makes the Scamdemic look like a dodgy betting caper.

4
0
RW
RW
2 months ago
Reply to  NeilParkin

For as long as the scam keeps going
The money for Milied keeps flowing

3
0
AndyLarge
AndyLarge
2 months ago

Great article Ben. The EPC refit is going to be impossible on many properties. One issue alone (and there are many) will be leasehold flats : the freeholder can simply refuse any external works (heat pumps, insulation etc). Landlords will simply have to sell many properties to owner occupiers.

So : This is actually a drive to reduce the volume of rental property available.

13
0
huxleypiggles
huxleypiggles
2 months ago
Reply to  AndyLarge

Conversely it could lead to a flood of rental properties coming to market as private landlords seek to exit. Prices become depressed and who’s waiting to swoop? Blackrock etc al.

“You will own nothing and be firkin miserable.”

4
0
Lockdown Sceptic
Lockdown Sceptic
2 months ago

Net Zero Means Higher Rents

10
0
Art Simtotic
Art Simtotic
2 months ago

Government of the idiocy, by the idiocy, for the idiocy.

All kneel and face Islington.

Last edited 2 months ago by Art Simtotic
7
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DickieA
DickieA
2 months ago
Reply to  Art Simtotic

Our country is run by a Kakistocracy – government by the worst, least qualified, or most unscrupulous people.

5
0
RW
RW
2 months ago
Reply to  DickieA

Make that kacketoocracy — Kacke is semi-vulgar German for excrement and it’s decidedly too cracy.

🙂

3
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Grim Ace
Grim Ace
2 months ago

Millibrain really is as thick as his stupid face makes him look. Ans he is aided by the generally ignorant and communist minded civil serpents that come up with these idiotic plans. Sack 90% of them and only keep the really clever ones
Why have we got these low IQ, communist Orwellian pigs in power. Are the British people that stupid? Seems they are

Last edited 2 months ago by Grim Ace
6
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transmissionofflame
transmissionofflame
2 months ago
Reply to  Grim Ace

He has a degree from Oxford and a masters from LSE. His IQ is most likely well above average. He is either capable of doublethink (probably close to being a requirement for modern political life) or he is just a consummate and wicked liar, or both. If your job and your ability to implement “socialism” or boss people about depends on you pretending to believe certain things, it’s not that hard to do it.

7
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Gezza England
Gezza England
2 months ago
Reply to  transmissionofflame

So, just goes to show that a degree and a masters does not stop you being a complete moron.

4
0
transmissionofflame
transmissionofflame
2 months ago
Reply to  Gezza England

Depends on your definition of moron. He is rich and powerful and doing what he presumably wants to do. I doubt he truly believes much of what he says. My base assumption with senior politicians is that they lie a lot, as much to themselves as anyone else.

2
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Andy A
Andy A
2 months ago

Landlords will pay 10’s of thousands of pounds? Or, a couple of grand to a dodgy certifier?

7
0
soundofreason
soundofreason
2 months ago
Reply to  Andy A

Surely there aren’t any dodgy certifiers?

If anyone knows of any in the Buckinghamshire region please report them to me. For research purposes only, of course.

7
0
RTSC
RTSC
2 months ago

My BtL in the west country is currently EPC D. After buying the property I improved the loft insulation (now 300mm) and installed new, programmable electric radiators – replacing the very old storage heaters. It may qualify for EPC C when a new certificate is required but if it doesn’t, the only options will, based on the level of rental income it generates, be prohibitively expensive.

So I won’t be doing them. The property will be sold and another decent, well maintained rental home with a responsible landlady, will be unavailable for those who can’t afford (or don’t want) to buy.

13
0
Marcus Aurelius knew
Marcus Aurelius knew
2 months ago
Reply to  RTSC

Wow, a landlady in the UK who appreciates that not everyone wants to “get on the housing ladder”! Cheers!

In most other countries I know, landlords are valued and tenants are not viewed as peasants.

Last edited 2 months ago by Marcus Aurelius knew
3
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transmissionofflame
transmissionofflame
2 months ago

Coming soon to a country near you – rent controls.

Problem, reaction, solution.

5
0
Andy A
Andy A
2 months ago
Reply to  transmissionofflame

Which will, of course, not produce cheap rentals, but no rentals!

3
0
transmissionofflame
transmissionofflame
2 months ago
Reply to  Andy A

Indeed. Ask Venezuelans how price controls worked out for them.

5
0
gavinfdavies
gavinfdavies
2 months ago

Note how the goverment doesn’t like to mention that it likes to take usually 40% of gross rental revenue in the form of income tax before the landlord can start to pay costs. Hence the rental rates are massively increased to reflect this deduction.
Meanwhile big multi nationals etc get to write off most of their income as costs, or redirect it overseas, and hence pay almost no tax.

3
0
huxleypiggles
huxleypiggles
2 months ago
Reply to  gavinfdavies

The reality is that Kneel and co intend to eliminate the private landlords and pass the whole market over to the largely multinational outfits and the money launderers such as Blackrock.

4
0
EppingBlogger
EppingBlogger
2 months ago

Unless they have a 5-7 year deal with Serco for illegal immigrant housing why would anyone be a landlord today.

It was under the hated Conservative governments that enforcement of evictions for rent arrears or other tenancy defaults became almost impossible. Courts routinely took and still take excessive time to hear the cass and most often ask for more reports. By the time the tenant leaves there is a huge backlog of debt which it is usually imnpossible to collect. The only agency with knowledge of the fornmer tenants home address id the DSS and they will not release the information.

It was the same governments which began the process of creating adverse tax rates for landlords. SDLT, disallowed expenses and other changes, new costly surveys and other costs were heaped upon landlords. The elites and MSM again referred to landlords in desparaging terms. Labour has continued this and made it worse.

5
0
Gezza England
Gezza England
2 months ago

And only this morning we had the Prime Idiot – showing he meant business by rolling up the sleeves of his tieless shirt – and dribbled on about how he was for ‘working people’ and Farage could not be trusted while stopping work in whatever factory was hosting his presentation. Does anyone know if the taxpayer pays companies to host these political bunfights to compensate for stopping production? And it is a bit rich to have No Idea Kier claiming that Farage will tank the economy while that it exactly what his incompetent inexperienced chancellor is doing.

5
0
Pete Sutton
Pete Sutton
2 months ago

What Millivolt actually meant: “Better to have no home at all than rent one without an energy certiicate.”

4
0
JXB
JXB
2 months ago

All costs to bring a good to market are contained in the sale price.

In the case of rents, if all the cost cannot be recovered through the rent, it will be recovered by reductions in other aspects – poor maintenance, failure to respond to problems.

The assumption is that private landlords have the cash to do the necessary work. Many won’t have, so they will sell up or leave property empty.

It’s almost as if Labour are deliberately trying to destroy the rental market and what’s left of the economy.

3
0
adamcollyer
adamcollyer
2 months ago

You gotta love that statement by Justice Minister Sackman…

” a material consideration, which may result, in certain circumstances, in a higher market rent being determined.”

Yes, she actually thinks “market rents” are “determined” by government.

You couldn’t see a much starker illustration of the Socialists’ intention to seize control of the housing market.

3
0

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