BP defends transition strategy after curbing retreat from oil and gas via IrishTimesBiz
“[There is] absolutely no link between confidence in returns from renewables and the production target on the oil and gas side,” she said in an interview with the Financial Times. “I have the support to deploy $30 billion of capex to the end of the decade in my business ... and I’ve seen what this company is capable of doing.”
Dotzenrath, a former head of RWE Renewables who joined BP last year, said it would maximise profits from wind and solar projects by plugging those “green electrons” into low-carbon businesses with higher returns such as hydrogen production and electric vehicle charging. BP recently chose not to bid in an offshore wind auction in California because it offered fewer integration opportunities with other assets and would not deliver financial returns until the 2030s, she said. “California is great but it is an option for the middle of next decade.”
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