BP Seeking Partners For Offshore Wind Projects In Japan: Report

BP PLC BP is reportedly seeking partners for offshore wind projects in Japan and may invest in hydrogen technology companies.

The company aims to address inflation and equipment bottlenecks that have affected the renewables sector, as per Reuters.

The British oil major company focuses on expanding in the low-carbon energy market in the coming decades to survive the global transition from fossil fuels. 

Anja-Isabel Dotzenrath, BP's renewables business lead executive, told Reuters it was "time to deliver" and seeking partners in Japan, one of the markets identified for growth, was part of the solution.

She further added, "Of course, inflation is not just an issue for projects in the U.S.A. We are also trying to reduce costs in other regions using various levers, for example through optimised purchasing strategies, which may also lead us to invest directly in the supply chain."

Related: BP To Sell Stake In Its US Oil And Gas Pipeline Network & Raise About $1B: Report

Earlier this year, BP said it plans to spend around $65 billion on renewables, hydrogen, biofuels, and electric mobility between 2023 and 2030, accounting for half of the company's investments by the decade's end (vs. 30% in 2022), as per the report.

Last week, BP PLC, Shell PLC SHEL, and Edison International EIX, reportedly asked a U.S.-EU energy group to intervene in their ongoing dispute with liquefied natural gas (LNG) exporter Venture Global LNG over its failure to supply contracted cargoes.

Also, last month, BP reported Q3 sales and other operating revenues came in at $53.27 billion, missing the consensus of $57.71 billion. Underlying RC profit per American Depositary Share (ADS) came in at $1.15, missing the consensus of $1.38. 

Price Action: BP shares are trading higher by 0.65% at $35.84 premarket on the last check Monday.