BP logo for a gas station sign. (Source: Shutterstock)
BP has completed its $4.1 billion acquisition of renewable natural gas (RNG) provider Archaea Energy Inc., BP said in a Dec. 28 press release.
The acquisition, announced in October, was finalized following BP’s completion of regulatory requirements and Archaea obtaining shareholder approval.
RELATED
BP Acquires RNG Producer Archaea Energy for $4.1 Billion
Based in Houston, Archaea Energy operates 50 RNG and landfill gas-to-energy facilities in the U.S. and is expected to provide an immediate 50% increase to BP’s biogas supply volumes, BP said in October.
The acquisition broadens BP’s presence in the U.S. biogas industry and gives BP customers access to decarbonization support. BP will also be better positioned to reduce the average lifecycle carbon intensity of its energy products, the company said.
Bioenergy is part of BP’s focus in the next decade, with investment into its transition growth businesses expected to reach more than 40% of its total annual capital expenditure by 2025 and 50% by 2030.
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