Category Archives: Royal Dutch Shell

Why oil giants are swapping oil rigs for offshore windfarms

The fossil fuel giants need to find new ways to reduce emissions, generate growth and maintain their share price

The world’s biggest oil companies are no stranger to UK waters, but by the end of the decade they will be running more offshore wind turbines than oil rigs.

BP has already made a splash with a record-breaking bid to build two giant windfarms in the Irish Sea. The company beat established renewable energy players by offering to pay the Crown Estate £900m a year to develop the sites, more than 15 times the price paid for similar deals in the past.

Related: Queen’s property manager and Treasury to get windfarm windfall of nearly £9bn

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