Benzinga | Dec 15, 2021 07:23AM EST

BP Picks Technip Energies, GE Gas Power To Conduct FEED Study For UK Project

* BP plc (NYSE:BP), on behalf of its partners, has selected Technip Energies NV (OTC:THNPY), leader of a consortium with General Electric Co's (NYSE:GE) GE Gas Power, to perform a Front-End Engineering Design (FEED) study for the Net Zero Teesside (NZT) Power project and the Northern Endurance Partnership's (NEP) carbon compression infrastructure in Teesside, U.K.

* The NZT project comprises industrial, power, and hydrogen businesses that aim to decarbonize their operations and become U.K.'s first decarbonized cluster.

* The companies will work together to develop a detailed plan for integrating amine-based carbon capture technologies at scale with a natural gas combined cycle plant powered by an advanced GE 9HA.02 gas turbine.

* Following completion of the FEED study, bp will invite Technip Energies and GE Gas Power to bid for the EPC contract to construct the power station and carbon capture facility.

* Price Action: GE shares closed lower by 1.10% at $92.11, BP down by 0.15% at $26.55, and THNPY lower by 0.69% at $12.96 on Tuesday.