BP’s CEO hit back at claims that it overpaid for UK offshore wind leases, as he predicted that massive demand from the oil supermajor’s burgeoning EV charging business alone could provide a lucrative route to market for most of the power the turbines produce.

Bernard Looney and the oil group's finance chief Murray Auchincloss mounted a robust defence of the strategy behind its push for 50GW net of renewable energy by 2030, with the latter saying that upstream “now means a wind farm, not an oil field”, as a 100-year-old business model is rejuvenated (see panel at foot).