BP freezes offshore wind projects to focus on fossil fuels
By Paul Homewood
h/t Paul Kolk
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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.
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 US onshore shale basins, where BP already has large operations, company sources briefed on the matter said.
https://www.telegraph.co.uk/business/2024/06/27/bp-offshore-wind-projects-fossil-fuels/
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.The message is clear – wind power is only profitable when subsidies are thrown at it.
NOT A LOT OF PEOPLE KNOW THAT 
Rather:
“The message is clear – wind power is only profitable many years after subsidies began to be thrown at it.” 😉
…. and then only if you redefine “profitable”.
Can we stop calling this stuff ‘fossil fuel’ please. They are HYDROCARBONS! And found throughout the solar system 🙂
Quite right. Renewables are rubbish. Oil and gas will always be needed as many other products are produced from oil.
Tell that to ER/JSO, etc.
Has anyone ever asked them directly which objects/habits/etc they are prepared to give up and what alternative sources they intend to use to manufacture/create those objects/habits/etc they are not prepared to give up.
They wouldn’t last 30 seconds facing a decent interviewer.
So many of them wear clothes made of oil dependent products. The hypocrisy is stunning. Yet to see one wearing jute and wooden clogs.
Appearing on TV recently Carla Denyer (Green co leader) appeared to be wearing such oil dependent clothes.
So many of them wear clothes made of oil dependent products. The hypocrisy is stunning. Yet to see one wearing jute and wooden clogs.
Appearing on TV recently Carla Denyer (Green co leader) appeared to be wearing such oil dependent clothes.
Looks like the corporate giants are waving two fingers at the green blob, enough of protestors vandalising petrol stations, smashing windows, spraying paint etc etc.
Barclays attacked by greens and Palestine thugs has just stopped sponsoring festivals by “Live Nation” mainly because of a boycott by artistes over Israeli links.
BP for years sponsored loads of Arty things as well as the British Museum and then the greens objected and so they pulled out, no more money from BP.
I know that I really despise the greens, but more of my friends are coming round to my way of thinking…..long may it continue!
It’s beginning to look like it. Shell recently announced that it was scaling back on its emission reduction targets, indicating that it expects the Paris Climate Agreement to fail: https://notalotofpeopleknowthat.wordpress.com/2024/03/18/shell-backtracks-on-emission-reduction-targets/.
I still don’t understand to this day why the oil companies haven’t employed real climate scientists and commentators (Richard Lindzen, Will Happer, Steve Coonin, Tony Heller..and Paul Homewood/Ray Sanders) to lobby the idiot woke politicians and mainstream media that there is no climate crisis!!!
Fighting produces bad press. The greens have control of the press. Fight back and you are killing polar bears.
Susan Crockford is another excellent debunker of nonsense, especially about polar bears.
Why not? Because then the loons would claim these spokesmen were in the pay of FF business.
But Harry, I’m certain you are well aware that GangGreen has been claiming precisely that for a quarter Century.
Look at the hatchet job they tried to carry out on Willie Soon.
Look at Peter Gleick’s blatantly fraudulent attacks on the Heritage Foundation.
If anyone could have proved that Lindzen, Bob Carter, Tim Ball etc etc were actually paid by BigOil, they would have been awarded a Nobel Peace Prize.
Of course, Reality Deniers are handsomely paid by HMG, using the plebs’ taxes and energy costs, supplemented by massive money printing.
No-one cares about that, of course.
Which they would be as Stormbringer said they should be employed by them. Attack is the best defence as we can see that appeasement doesn’t work.
My point is that somebody, somehow needs to get the word out to mainstream sheep i.e the general uninformed public! So how do we do it? The oil companies are powerful why don’t they use that power? Is there a hidden agenda in these companies? I’m not trying be conspiratorial, it’s just a question?
Let’s say all the oil companies said “OK you want rid of fossil fuels” and then cut off all supply worldwide – what would happen?
Mad Max..???
People will die, that’s what will happen. BBC/Guardian, et al, will speak for months of oil companies killing people. Killing people to make a profit. You can’t imagine how ugly they will get. The story will NOT be how noble the oil companies are. Quite the opposite.
The prosperous will not risk their prosperity for your cause.* Giving the decadent free reign. Until your government and economy collapse. Labour decarbonizing (sic) Britain means it is going to happen real soon. Store extra food, water and batteries.
*Indeed, in a democratic society, they shouldn’t have to. The public is going to VOTE LABOUR IN. They are CHOOSING them. You ask what are the oil companies doing. Not their job, mon.
Thank goodness BP are prepared to stand up to the zero carbon nutcases who have successfully infiltrated almost every layer of corporate governance. My late brother, who was a lawyer, always said ‘Common sense usually prevails in the end’
Let us all pray that common sense will be applied by more of our key companies over the next few years and that they will be prepared to counter all the hogwash being force fed to us at every opportunity by the media and the zero carbon activists.
Perhaps companies are emboldened by their owners voting down the ecofascist motions at the AGMs.
A lot of the ‘owners’ are pension and mutual funds, where the manager does the voting.
And fund managers can go silly, like the general populatioin.
Unhappily.
Auto
Good on BP, if they keep their nerve and battle through they’ll be the winners in the end. Toyota did rush headlong down the EV route like most automakers and last year were the top vehicle producers worldwide.