bp to Sell Stakes in Flagship UK Carbon Capture Projects

bp plans to sell portions of its ownership in two major UK carbon capture and storage projects as construction advances on the Northern England developments.

(Reuters) — On May 7, bp said it would sell stakes in two flagship UK carbon capture and storage projects, opening the door to new partners as construction starts at both sites.

The oil major said it plans to sell a portion of its equity in the Net Zero Teesside (NZT) Power project and the Northern Endurance Partnership project (NEP) in Northern England, without disclosing the size of the stakes on offer or potential buyers.

Here are some details:

• "As the NZT Power and NEP projects have reached major milestones, including financial close and the start of construction, bp considers this the right time to sell a portion of its equity in both projects," it said in an emailed statement to Reuters.
• Carbon capture is the process of trapping carbon dioxide emissions from sources such as power plants, and storing them underground to prevent them from entering the atmosphere.
• Norwegian energy firm Equinor and TotalEnergies are partners with bp in the NEP project, which is expected to permanently store up to an initial 4 million tonnes of carbon dioxide per year.
• The NZT Power project, a joint venture between bp and Equinor, is poised to be the world's first gas power plant with carbon capture, and deliver power to an estimated one million homes in the UK from 2028.
• Shell was also among the original partners in NEP, but pulled out of the project in 2023.