• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 8 minutes The Inconvenient Truth Of Electric Cars
  • 12 minutes The Plastics Problem
  • 3 hours SHALE MAGIC: Let the oil flow: US to lead oil output growth through 2030: ConocoPhillips chief economist
  • 3 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 8 hours IMO 2020
  • 1 hour Climate change & Wildfires: More Wildfires To The Western U.S., Will Affect Tens Of Millions Of People
  • 6 hours To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
  • 8 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 10 hours EIA reports 12 mm bbls Inventory draw . . . . NO BIG DEAL . . . because U.S. EXPORTED RECORD 12 MILLION BARRELS DAY OF CRUDE + PETROLEUM PRODUCTS ! ! ! THAT'S HUGE !
  • 10 hours Its called reality: Economic, policy challenges to make Asia's energy transition painfully slow
  • 9 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 6 hours On the hobby side of things
  • 23 mins Democrats Green Beauty Pageant
  • 9 hours Oil Demand Needs to Halve: Equinor
Shale Pioneer: Fracking Is An “Unmitigated Disaster”

Shale Pioneer: Fracking Is An “Unmitigated Disaster”

Fracking has been an “unmitigated…

Trump’s Iran Standoff Dominates Oil Markets

Trump’s Iran Standoff Dominates Oil Markets

Tensions between the U.S. and…

BP Considers Powering U.S. Operations With Solar

solar park

BP is planning to start powering some of its operations in the United States with electricity produced by solar farms, Bloomberg reports, quoting the chief executive of an affiliate, Lightsource BP.

The UK-based supermajor bought a 43-percent stake in Lightsource two years ago, committing to spend US$200 million on the company over a period of three years.

“It’s a no brainer for them to play in solar,” Lightsource’s chief executive Katherine Ryzhaya told Bloomberg. “They’re doing it for financial reasons.”

Indeed, solar power is becoming increasingly competitive as production costs fall and efficiency rates rise, the former faster than the latter. Also, there is the reputation management element that supermajors are no doubt pursuing by turning to renewables to power their oil and gas business.

Last year, even Exxon, which is notorious for its conservative attitude to renewables, sealed a deal with Danish renewable energy company Orsted to buy 500 MW of electricity produced by solar and wind farms to power its oil production in the Permian. Although the terms of the contract remained undisclosed, it was the largest such contract featuring an oil company as a party as of 2018.

Like Exxon, BP has been the target of a lot of criticism—and lawsuits—regarding its attitude to climate change and renewable energy use, not to mention the fallout of the Deepwater Horizon disaster.

The Lightsource move, therefore, makes sense for the supermajor in more than one way. It is also in tune with a commitment to reduce its carbon footprint from earlier this year, while continuing to increase production.

Earlier this month, BP also announced it had struck a partnership with the Environmental Defense Fund to work together on reducing methane emissions in the oil and gas industry globally. The collaboration will focus on methane reduction and management technology, the company said at the time.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Tripp Mills on March 21 2019 said:
    Great work BP as a shareholder I LOVE seeing all of the work you and the other majors are doing!

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News