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☆ BP trims down executive team, picks new head of its gas and low carbon energy business
▼ + stars: | 2024-04-18 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

A general view of the BP logo and petrol station forecourt sign on January 22, 2024 in Southend, United Kingdom. British oil major BP on Thursday trimmed its executive team down to 10 members and announced William Lin as the new head of the firm's oil and low carbon energy business. BP said it was simplifying its organizational structure to help "grow the value" of the business. "These changes will help us do just that, reducing complexity within bp, allowing our team to focus on delivering our priorities and growing the value of bp," he added. The energy major said the financial reporting structure of the firm remains unchanged and that it will continue to have three businesses: production and operations, gas and low carbon energy and customers and products — enabled by trading and shipping.

Persons: William Lin, Lin, Isabel Dotzenrath, Emeka Emembolu, Ann Russell, Murray Auchincloss, BP's Organizations: United Kingdom ., IEC, London Locations: Southend, United Kingdom, Leigh

Earlier this month, she said the U.S. offshore wind industry was "fundamentally broken" after BP wrote down $540 million on its wind power projects offshore New York, blaming inflation and red tape that meant projects ran over budget and over time. Globally, the renewables sector has been undermined by slow permitting, technological challenges, rising raw material costs and higher costs of capital. As BP seeks to guarantee it can meet its internal returns target of 6% to 8% on renewables projects, Dotzenrath said BP was working out how to reduce costs globally. You need one of the local energy suppliers to help you push ahead with the permitting processes and establish the onshore grid connection," she said. BP does not produce electrolysers, which split water to produce hydrogen, but Dotzenrath said did not rule out greater involvement.

Persons: Chris Helgren, Anja, Isabel Dotzenrath, Norway's Equinor, Denmark's, Dotzenrath, we'll, Chancellor Olaf Scholz, Thyssenkrupp, Christoph Steitz, Ron Bousso, Barbara Lewis Organizations: BP, REUTERS, Reuters, Siemens Energy, BASF, Thomson Locations: Vancouver , British Columbia, Canada, LONDON, Japan, U.S, New York, U.S.A, Germany

☆ Israel’s fossil fuel boon becomes less clear-cut
▼ + stars: | 2023-10-19 | by ( Yawen Chen | ) www.reuters.com time to read: +5 min

LONDON, Oct 19 (Reuters Breakingviews) - Israel’s growing gas sector has a significance that extends east and west. Analysts at Israel’s Bank Leumi had estimated that exports would jump to at least 11 bcm this year. Israel’s 1,087 bcm of gas reserves in 2022 yielded 21 bcm of production, of which 9 bcm was exported, with a doubling of exports to Israel’s main market, Egypt. Still, Israel’s gas sector has gone from a helping hand to a potential headache. Follow @ywchen1 on XCONTEXT NEWSDutch TTF Natural Gas Futures, Europe’s benchmark gas index, were trading at 48 euros per megawatt hour as of 0823 GMT on Oct. 19.

Persons: –, Yair Lapid, Israel’s Bank Leumi, It’s, NewMed, Abraham, Gaza’s, Isabel Dotzenrath, George Hay, Streisand Neto Organizations: Reuters, United, United Arab Emirates, Israel’s Bank, LNG, Abu, Abu Dhabi National Oil Company, NewMed Energy, Abraham Accords, BP, Natural Gas Futures, Intercontinental Exchange, Chevron, Mediterranean Gas, Oil, Energy, Thomson Locations: United Arab, Israel, Europe, Russia, Egypt, Brussels, Abu Dhabi, Ahli, ’, Jihad, Gaza, Jordan, Denver

Last month he applied the brakes, slowing BP's planned cuts in oil and gas and scaling back planned renewables spending in the wake of the war in Ukraine. The oil major isn't backing away from renewables though, its green chief Anja-Isabel Dotzenrath stresses, it's simply changing the terms of the relationship. "I'm (now) just reviewing the onshore renewables part - so the onshore wind and solar part." BP's head of renewables and gas didn't elaborate on the nature of the latest review. The green stakes are high, though, given solar alone comprises more than half of BP's 43-gigawatt renewables project pipeline.

☆ BP doubles down on hydrogen as fuel of the future
▼ + stars: | 2022-12-05 | by ( Ron Bousso | ) www.reuters.com time to read: +6 min

[1/2] The BP logo is seen at a BP gas station in Manhattan, New York City, U.S., November 24, 2021. But grey hydrogen becomes "blue hydrogen" if the polluting emissions are captured. The IRA offers a $3 per kilogramme tax credit for clean hydrogen, which brings green hydrogen to par or even below the cost of grey and blue hydrogen, according to analysts. "With the hydrogen production tax credits that are now in place, it has ... allowed green hydrogen to be a lot more competitive," McLeod said. Subsidies will initially allow green and blue hydrogen to compete with grey hydrogen, allowing consumers to switch to cleaner fuel, McLeod said.

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