BP chief financial officer Murray Auchincloss told analysts this month that offshore wind is starting to see higher steel prices, but pointed out that the big "choke point" is actually the same offshore installation and offshore logistics affecting upstream projects.

The supermajor’s long-term frame agreements on steel have helped offset price inflation in the oil and gas sector and it sees similar deals being agreed in its wind business.

To ease installation and logistics problems, Auchincloss said BP will be sharing logistics and heavy lift vessels across the wind and upstream sectors where there is "quite an overlap".