BP plans to sell shares in flagship carbon projects as it pulls back from green agenda

"BP's flagship carbon capture projects were backed by Bernard Looney, the company's former chief executive, as the right thing for the world, a tremendous business opportunity which would create the nation's first major carbon capture project and maybe the world's first zero-carbon industrial cluster."

"BP said the time is right to sell a portion of its equity in the two projects, which have recently started construction, and bring in additional partners to support the long-term future of the projects."

"His departure almost three years ago has led to a tumultuous period for the 117-year-old company, including a leadership overhaul and a steady dismantling of Looney's green agenda, which failed to win over BP shareholders."

BP plans to reduce its ownership in Net Zero Teesside (NZT) and the Northern Endurance Partnership (NEP), two flagship carbon capture projects in north-east England. NZT aims to develop the UK's first gas power plant with carbon capture technology, while NEP plans to build offshore pipelines to transport and store carbon dioxide under the North Sea. These projects were championed by former CEO Bernard Looney as both environmentally necessary and commercially viable. BP's new leadership has dismantled much of Looney's green agenda, which failed to gain shareholder support. The company seeks to sell portions of its equity and attract additional partners including Equinor and TotalEnergies. This divestment reflects BP's broader strategic shift away from renewable energy investments.

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