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BP hopes to “significantly increase and accelerate its bioenergy operations” with the move;
British oil and gas giant Bp On Monday it announced the acquisition of the US gas producer “renewable» Archea Energy $4.1 billion, including $800 million in debt.
Archaea produce gas, primarily methane, from landfills ordigesters» Organic products from animal husbandry or food. With this surgery, BB believes”Strongly boosts its bio-energy functions» and trusts this acquisition «Support (its) progress towards (its) carbon neutrality target“, he says in a press release. The operation still needs to be approved by regulatory authorities and Archea’s shareholders.
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“Global demand for biogas is growing rapidly“, the group argues. BP shares were down 0.46% at 453.25 pence at 1200 GMT. Production “Biogas» Natural gas requires less energy than extracting it through drilling or hydraulic fracturing. This prevents methane, a potent greenhouse gas, from escaping into the atmosphere. However, it emits CO2 when it is consumed.
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