bp to invest £18 billion in UK energy system by 2030

bp said on Tuesday it intends to invest up to £18 billion in the UK’s energy system by the end of 2030, helping the country to deliver its ambitions to boost energy security and reach net zero.

The investments will include oil and gas, wind power, electric car charging networks and other energy related projects.

“We’re fully committed to the UK’s energy transition – providing reliable home-grown energy and, at the same time, focusing on the drive to net zero. And we have ambitious plans to do more and to go faster,”  aid Bernard Looney, chief executive officer, bp in a statement.

“Our plans go beyond just infrastructure - they see us supporting the economy, skills development and job opportunities in the communities where we operate. We are all in,” added Looney.

The company said that the expected investment figures are in addition to bp’s operating spend in the UK. 

 The company expects to pay up to £1 billion in taxes for its 2022 North Sea profits.

The company said it intends to continue investing in North Sea oil and gas, while driving down operational emissions.