Article

BP announced a planned write-down of $4 billion to $5 billion for its renewables businesses by the end of 2025, bringing total write-downs to approximately $20 billion over two years. BP continues to rely on oil and gas for income, while it has spun off its wind energy business into a joint venture with Japan's Jera, named Jera Nex BP. The company has faced cancellations in projects, including a windfarm in the Irish Sea and several hydrogen initiatives in Teesside, Oman, and Western Australia.