BP is looking to increase its gas, power and integrated energy solutions on the continent. Credit: AVM Images/Shutterstock.

BP has acquired GETEC ENERGIE, a leading supplier of energy to commercial and industrial (C&I) customers in Germany.

GETEC ENERGIE, which will join bp trading and shipping, currently supplies around 40 terawatt-hours of power and gas per year, serving around 400 C&I customers in Germany.

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In a press release, bp said the move will enhance the supply of power and gas to its own assets in Germany and other European countries, while enabling potential future generation from planned offshore wind assets.

Elaine Skinner-Reid, bp’s senior vice-president for gas and power trading international, said: “Bringing GETEC ENERGIE GmbH into bp immediately grows our European C&I supply presence, and the team’s advanced technologies, capabilities and expertise will enhance and grow our ability to offer integrated energy solutions to customers in Germany and elsewhere in Europe. By integrating GETEC ENERGIE GmbH into our business, we are taking a further step in bp’s strategy to become an integrated energy company and grow the value of bp.”

The company added that upon the completion of the deal, GETEC ENERGIE’s headquarters in Hanover will become a new regional trading hub for bp, in addition to its other trading offices in London and Madrid.

The British oil and gas giant has increased its presence in the European market through the acquisition, building upon recent efforts to expand its offering in gas, power and integrated energy solutions on the continent.

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For instance, bp has been working with ADNOC to consider investments in Cyprus’ natural gas sector, Offshore Technology reported on Monday (5 August).

Following significant gas discoveries in Israel and Egypt, interest in Cyprus’ potential resources has heightened.

Since 2007, Cyprus has granted gas exploration licenses for ten of its 13 offshore blocks, making gas discoveries in five wells across three blocks that have not yet been developed for commercial production.