BP to Sell Stakes in UK Carbon Capture Projects
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- BP plans to sell stakes in the Net Zero Teesside (NZT) carbon capture project and the Northern Endurance Partnership (NEP) offshore CO₂ pipeline project.
- BP says the "time is right" to divest a portion of its equity in the two projects and bring in additional partners, though it did not disclose the size of the stake to be sold.
- BP notes that both projects have recently begun construction, and the new partners are expected to support their long‑term future.
- BP's former chief executive Bernard Looney had promoted the projects as a major business opportunity and a potential zero‑carbon industrial cluster, but his departure triggered a dismantling of the green agenda.
- BP's new chief executive Meg O'Neill, who took over in April, is reviewing the portfolio and may cut the company's exposure to the UK, including a possible retreat from North Sea operations.
Why it matters: Equinor and TotalEnergies could increase their holdings as BP offloads an undisclosed share of its equity, potentially delaying the UK's first large‑scale carbon‑capture hub and weakening the country's net‑zero timeline.
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