BP has announced plans to cut over 5% of its global workforce in a bid to save $2 billion by 2026. CEO Auchincloss aims to rebuild investor confidence and streamline operations. The job cuts will affect 4,700 employees and 3,000 contractors, with a focus on higher-value activities.
BP is shifting its focus back to traditional energy sources after a failed attempt at low-carbon power. The move, prompted by Russia’s invasion of Ukraine and challenges in renewables projects, aims to improve performance and increase returns. Rivals Shell and Equinor are also scaling back energy transition plans to enhance performance and sustain profits.
Equinor has agreed to a swap transaction with BP, resulting in a significant reshuffle of ownership of several offshore wind projects in New York State. The deal will see Equinor take full control of Empire Wind’s lease and projects, while BP will take full ownership of Beacon Wind’s lease and projects. This transaction involves Equinor acquiring 100% ownership of Empire Offshore Wind Holdings LLC and, under certain conditions, acquiring BP’s half interest in the South Brooklyn Marine Terminal (SBMT) lease. In the meantime, BP will acquire Beacon Wind Holdings LLC and the associated project company and thus become the operator of the Beacon Wind projects.
Following Stories compiled in this News Digest for the week from 28 Feb 2022 to 06 Mar 2022 in descending…
