Climate Impact Partners has entered into a new agreement with Terra Natural Capital to provide long-term financing for the Panna afforestation project inf India, from which Microsoft will buy 1.5 million tons of verified carbon removal credits over 30 years, covering 50% of the project’s output. This deal marks Microsoft’s largest carbon removal initiative in the Asia-Pacific region and its first in India.

Combining Expertise and Commitment for Climate Action

Panna afforestation initiative involves the integration of Climate Impact Partners’ experience in project design, Terra Natural Capital’s financial assistance, and Microsoft’s extended purchase commitment. All this partnership has resulted in planting 11.6 million native trees in 20,000 hectares of land, exceeding the size of Washington, D.C. The initiative has already planted more than 1.2 million trees in 100 communities.

Key Benefits of the Project

The Panna afforestation project provides several key benefits to local communities and the environment. Local farmers will earn from carbon credit sales and income generated by selling fruit and medicinal products from planted trees.

The project also promotes sustainable agriculture by offering climate-smart agricultural training to enhance long-term yields. In addition, the project has developed vast water networks like ponds, borewells, and drip irrigation to feed the trees and conserve water. The project further seeks to plant indigenous vegetation to enhance biodiversity as well as bring butterflies and birds to deforested lands.

Sheri Hickok, CEO of Climate Impact Partners, said that Microsoft, known for its bold climate leadership, is supporting the Panna project. She explained that by securing a long-term supply of high-quality carbon credits, the project helps companies like Microsoft meet their climate goals, drive growth in the carbon removal market, and bring benefits to communities most affected by climate change. She also noted that Panna showcases how companies can help scale large-scale carbon removal infrastructure.

Also read: Clearloop and Microsoft Expand Solar Energy in Underserved US Communities

Certified for High-Quality Carbon Removal

The Panna afforestation project follows Verra’s latest Afforestation, Reforestation, and Revegetation Methodology (VM0047) and has been approved for the ICVCM’s Core Carbon Principle (CCP) label. The project received an A rating from BeZero and will be verified under the Climate, Community, and Biodiversity Standard.

bp has announced the successful completion of drilling operations at the El Fayoum-5 gas discovery well, which is in the North Alexandria Offshore Concession. This is the last well of bp’s four-slot drilling campaign in the West Nile Delta.

The well, drilled with the Valaris DS-12 rig, went on production on February 14, 2025. While drilling, El Fayoum-5 tested four potential Messinian gas reservoirs, with combined sand thickness of 50 meters at a measured depth of about 2,900 meters.

Future Plans for the Discovery

bp has confirmed plans to tie the El Fayoum-5 gas discovery back to its West Nile Delta (WND) Gas Development. This discovery comes as bp’s second consecutive gas find, following the successful El King-2 well in the North King Mariout Offshore Concession earlier in the year.

bp’s Commitment to Egypt’s Growing Energy Needs

William Lin, bp’s EVP of gas & low carbon, stated that this move reinforces bp’s commitment to Egypt and its growing energy needs. He mentioned that with Raven Infills Phase 2 already contributing to production, bp is now fast-tracking the El King and Fayoum discoveries to integrate them into their West Nile Delta infrastructure. He added that the delivery of Raven Infills aligns with their priority to grow the upstream sector and enhance their global portfolio.

Also read: BP Reaches Agreement with Iraq to Invest in Kirkuk Oil Fields

WND Gas Development and Raven Field

The WND Gas Development project encompasses a series of gas condensate fields situated offshore Egypt, within the North Alexandria and West Mediterranean Deepwater concessions. The Raven field, which is one of the WND project fields, has been in production since the beginning of 2021 and is the last phase of the development. In addition, the first phase of Raven consisted of building eight subsea wells, situated as far as 65 kilometers out to sea, in water depths between 550 and 700 meters.

bp is operating the WND Gas Development project, in which it has an 82.75% interest, while Harbour Energy retains the balance of 17.25%.