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Chapter five | |
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 In the drive for sustainable advantage in our industry, raising the bar on the same objectives year after year can be a formula with limited potential. Instead, BP uses its restlessness for new opportunities to pursue the highest-quality targets, so catalysing the group to deliver its full potential. Doing this helps put us in the right markets, with the right products and brands, at the right time, for the right reasons. Taken as a whole, the global energy market is an increasingly dynamic place. Patterns of supply and demand are shifting with changes in population, living standards, advances in technology and political change. BP must be equally responsive, investing where supply and demand are moving, not just where they are today.  Geographically, we are consciously managing a shift from our emphasis on established profit centres and markets to developing markets,
balancing risk and complexity against quality of return on capital and potential cash flow growth. The result is a significant presence
in natural gas, the world's fastest-growing major fuel, which now contributes nearly half our daily production and booked reserves.In our customer-facing businesses, our focus has taken us to leadership positions in petroleum product markets, with fuel volumes increasing more than 40% since 1998. Our investment in our retail businesses is primarily directed at markets in which our share and efficiency are strong relative to competitors. We focus on core petrochemicals products with strong market share and technological advantage. And we have a sizeable share in the world market for solar power, a stake that prepares us to innovate and to produce value from future technologies and energy sources over the long term. |
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