BP plans to sell its equity in the Net Zero Teesside (NZT) Power and Northern Endurance Partnership (NEP) projects. The company reached major milestones including financial close and the start of construction. Management stated these achievements make it the appropriate time to reduce its ownership share.
The divestment continues BP’s strategic pivot away from renewable energy and carbon capture ventures. The firm is refocusing resources on its core oil and gas operations. This follows a previous withdrawal from a major blue hydrogen project. Unconfirmed reports also suggest BP may exit the UK North Sea region due to high taxes.