The acquisition marks BP’s entry into offshore wind and follows a new strategy that sees the British oil major accelerating its shift away from fossil fuels.
Dominion Energy and Duke Energy canceled their $8 billion Atlantic Coast Pipeline project on July 5. One day later, a judge ordered the Dakota Access Pipeline to shut down. Even in a profoundly difficult year like 2020, these were tough days. But is the outlook for the midstream sector as bleak as it seemed at midyear? Perhaps not.
For years, the midstream sector has managed to stay strong in weak oil and gas markets, but the unforeseen impacts of COVID-19 and the OPEC+ oil price shock have had a deep impact.