BP bets on bioenergy in accelerated transition plan

European major to boost biofuel and biogas production as spending on transition business rises to 40pc of capex by 2025

European oil major BP has set out plans for an aggressive expansion of its bioenergy business as part of an accelerated energy transition strategy and more ambitious emission reduction targets. BP aims to triple its current 5,000bl/d of biofuels production across three of its existing refineries by 2030. In addition, it plans to invest in five major biofuels projects, including three adjacent to existing refineries and the conversion of two existing facilities into biorefineries, the company says. “This focus on leveraging existing infrastructure, logistics, scale and customer relationships is expected to create real capital-efficient growth,” CEO Bernard Looney said in a strategy update rel