Oil firm seeks to reduce stake in carbon capture and storage projects in north-east of England after schemes fail to win over shareholders
BP plans to sell stakes in two flagship carbon capture and storage projects in the north-east of England as the company continues to retreat from the green agenda.
The oil company hopes to reduce its share in the Net Zero Teesside (NZT) project, which aims to develop the UK’s first gas power plant to be fitted with a controversial carbon capture system to remove its emissions.
It also plans to cut its stake in the Northern Endurance Partnership project (NEP), which plans to build a network of offshore pipelines to transport carbon dioxide from the Humber, including the Teesside power plant, and store it under the North Sea.
BP’s flagship carbon capture projects were backed by Bernard Looney, the company’s former chief executive, as “the right thing for the world, a tremendous business opportunity” which would create the nation’s first major carbon capture project and “maybe the world’s first zero-carbon industrial cluster”.
