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Deep in the Oman desert lies one of BP’s more lucrative projects, a mass of steel pipes and cooling towers that showcases the British energy giant’s pioneering natural gas extraction technology.

The facility earned BP PLC more than $650 million in profits in 2019, according to financial filings. Yet the oil major agreed to sell a third of its majority stake in the project earlier this year. The deal exemplifies a larger strategy to liquidate fossil-fuel assets to raise cash for investments in renewable energy projects that BP concedes won’t make money for years.

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