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BP completes purchase of Archaea Energy

BP is finalizing the purchase of Archaea Energy, a leading supplier of renewable natural gas (RNG) in the United States. This marks an important step in the growth of its strategic bioenergy business.

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In October 2022, BP announced the acquisition of Archaea Energy for $4.1 billion, including $800 million in debt. This can only be done with the approval of the regulatory authorities and the shareholders of Archaea. It’s done. Archaea Energy is now owned by BP.

This production is expected to immediately increase BP’s biogas supply volumes by 50%, thereby accelerating the growth of its strategic bioenergy business. This can also be achieved through a development pipeline supporting a potential five-fold increase in RNG volumes by 2030.

A good deal for BP

With this purchase, BP has made a good deal and doubled its

Dave Lawler, chairman and president of bp America, who welcomes the acquisition, said:

“We see a huge opportunity to grow our bioenergy business by fully integrating Archaea with BP. The talent, expertise and passion of their team have enabled them to achieve incredible growth to date, and we are excited to support the next chapter in line with our strategy.”

Bioenergy is one of the five growth drivers of BP’s strategic transition this decade. The company further expects investments in its transition growth business to reach more than 40% of its total annual capital expenditures by 2025. In particular, with the objective of increasing them to about 50% by 2030.

The acquisition of Archaea presents a strong strategic fit with BP’s existing biogas business. By joining the BP portfolio, Archaea will expand its presence in the U.S. and especially in key geographic areas worldwide. In particular in the UK and Germany.

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