May 7 (Reuters) - BP(BP.L)(https://www.reuters.com/markets/companies/BP.L) said on Thursday 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.
>> In Other News: TotalEnergies Develops Pangea 5, a Next-Generation Supercomputer That Will Increase Its Computing Power Sixfold
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 (EQNR.OL), opens new tab and TotalEnergies (TTEF.PA), opens new tab 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 (SHEL.L), opens new tab was also among the original partners in NEP, but pulled out of the project in 2023.
Subscribe to the newsletter
Daily decarbonization data and news delivered to your inbox
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Latest issues
-
$20M Bet: JPMorgan Is Burying Carbon Under the Rockies
Inside This Issue 🧪 Charm Industrial Secures 61,500-Ton Carbon Removal Purchase and $20 Million Debt Financing to Catalyze Growth ✈️ IATA Urges Bigger Green Aviation Fuel Push as Production Stagna...
-
22 CCS Projects Stayed Alive in Louisiana. Here's Why.
Inside This Issue 🏗️ Louisiana Blocks Parish CCS Bans to Protect $20B Pipeline ⛽ Hyperfuels and Terra Mater Form Strategic Partnership on Low-Carbon Fuel 🌿 Skytree Announces First Commercial Skytr...
-
The Unexpected Fuel Source Inside Utah's Gigasite
Inside This Issue 🧠 Enchant Energy Offers a Carbon Answer to America's Surging AI Data Center Demand 🌊 Carbon Dioxide Removal Will Need to Scale Faster Than Solar to Meet Climate Targets 🌱 Graphyt...
Company Announcements
-
MODEC, Inc. (“MODEC”) and Eld Energy AS ("Eld Energy”) announced the signing of a Memorandum of Understanding (MOU) to develop a highly efficient 1.2MW power system integrated with carbon capture f...
-
Anortech Enters Carbon Capture Research Collaboration With the National Research Council of Canada
VANCOUVER, British Columbia, June 08, 2026 (GLOBE NEWSWIRE) -- AnorTech Inc. (“AnorTech” or the “Company”) (TSX Venture Exchange “ANOR”; OTC “ANORF”) is pleased to announce a new collaboration with...
-
Developing Innovative Alternatives to Conventional Carbon Capture Methods
MIT researchers present a promising new approach to efficient, flexible carbon capture and removal. Carbon capture is an important climate change mitigation strategy, but it faces technological ba...
-
NEW YORK, June 08, 2026 (GLOBE NEWSWIRE) -- Amogy, a provider of mature, scalable, and efficient ammonia-to-power solutions, and Amun Energy, a subsidiary company of GS Engineering & Constructi...