BP to sell US wind farms, concentrate on oil and gas

4 April 2013 (Last Updated April 4th, 2013 03:30)

BP is planning to sell 16 US wind farms and a portfolio of several other existing projects in the country in a bid to re-focus on oil and gas operations.

Wind Energy

BP is planning to sell 16 US wind farms and a portfolio of several other existing projects in the country in a bid to re-focus on oil and gas operations.

The move follows a series of asset sales worth about $38bn, to help finance the compensation costs related to the 2010 Gulf of Mexico oil spill.

Located in nine US states, the wind farms have a combined generating capacity of about 2,600MW.

The company will also sell projects in various stages of development including 2,000MW of wind poised to start construction, BP spokesman Mark Salt told Bloomberg in an emailed statement.

"For BP, this effort represents another example of prudent and active management of our global portfolio, consistent with our pledge to unlock more value for shareholders," Salt added.

So far, CEO Bob Dudley has sold $38bn in oil fields, pipelines and refineries to concentrate BP on its most profitable assets.

BP once called itself "Beyond Petroleum", but out of a $20bn annual budget, the company has only invested about $1bn in renewable energy per year since 2005.


Image: BP plans to sell 16 wind farms located in nine US states. Photo: Courtesy of FreeDigitalPhotos.net.

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