bp acquires natural gas producer Archaea Energy
Bioenergy is one of five strategic transition growth engines that bp intends to grow rapidly through this decade. p expects investment into its transition growth businesses to reach more than 40% of its total annual capital expenditure by 2025, aiming to grow this to around 50% by 2030.
Acquiring Archaea will expand bp’s presence in the US biogas industry, enhancing its ability to support customers’ decarbonisation goals and also progressing its aim to reduce the average carbon intensity of the energy products it sells.
bp aims to reduce that carbon intensity to net zero by 2050 or sooner.
Bernard Looney, bp chief executive, said: “Archaea is a fantastic fast-growing business, and bp will add distinctive value through our trading business and customer reach. It will accelerate our key bioenergy growth engine, creating a real leader in the biogas sector, and support our net-zero ambition. And, importantly, we're doing this while remaining focused on the disciplined execution of our financial frame.
“Investing with discipline into the energy transition, creating further value through integration – this is exactly what bp’s transformation into an integrated energy company is all about.”