3 Oil Companies Investing in Wind Energy Image source: energy.gov
1. BP Image source: bp.com
1. BP In 2003, BP changed its acronym meaning from “British Petroleum” to “Beyond Petroleum.” Over the next decade, BP built out its wind portfolio to 16 farms in nine states, with a total 2,600 MW of generating capacity.
1. BP But BP’s wind investments aren’t going anywhere. The company has backpedaled on its “Beyond Petroleum” idea, and tried (unsuccessfully) to sell off all its wind assets in 2013.
2. Royal Dutch Shell Image source: shell.com
2. Royal Dutch Shell Shell has eight wind farms in North America and one offshore wind project in the Netherlands, with a total 500 MW of generating capacity. Its offshore project represents some harnessing of its experience with oil and gas platforms. The company notes that each of the 36 turbines is designed to “withstand North Sea conditions” and is protected from corrosion for 20 years.
2. Royal Dutch Shell But in its latest strategic report, Shell notes that “While we expect renewables such as wind … to play an increase role, oil and gas will be vital to meet the considerable expected increase in energy demand.” Don’t expect any windy windfalls anytime soon.
3. Statoil Image source: statoil.com
3. Statoil Fact: Statoil is one of the largest oil companies in the world. Truth: Statoil is making more strategic and progressive investments in wind than any other oil company out there.
3. Statoil While Statoil lays claim to just 900 MW of planned, under construction, or operating wind power, it’s doing it strategically. All its farms are offshore, an area where, according to Statoil’s latest annual report, “[we] have a competitive edge as a result of [our] offshore oil and gas expertise.”
3. Statoil Statoil also notes that “[our] ambition is to play an active role in reducing costs and making offshore wind profitable, ultimately without government subsidies or support.” It’s even building the world’s first ever floating offshore wind farm, investing $230 million to expand its wind energy opportunities. For investors looking for oil stocks with progressive alternative energy outlooks, Statoil wins for wind energy.
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