BP to commit $500mn to low-carbon projects
Following a successful financial career in 2017, the British oil and gas giant, has announce it will invest US$500mn into solutions for carbon reduction.
2017 was a strong year for the firm due to a rise in oil prices and the increased production of crude oil.
The company’s CEO described last year as “one of the strongest years in BP’s recent history”, as its underlying profits hit $6.2bn.
BP confirmed that it will spend approximately 3% of its total capital expenditure – of $15bn to $16bn – on clean energy.
“It’s not a race to renewables, it’s a race to lower greenhouse gas emissions,” commented Bob Dudley, CEO of BP.
“As fast as renewables and clean energy can grow, faster than any fuel in history, the world is going to require oil and gas for some decades to come.”
BP’s deputy CEO, Lamar McKay, noted that the company thinks there is “significant commercial potential” in solar power.
The firm recently invested $200mn in Lightsource, a London-based solar park developer.
In the next two months, BP also plan to place rapid electric vehicle charging points in some of its UK petrol stations.
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."