The BP group has introduced an ambitious new ‘getting back to growth’ strategy – and BP Shipping has a central role to play in its successful delivery.
Over the next five years, he said, we can expect Upstream production to grow by 5% annually, thanks to a strong pipeline of new projects coming online, with a shift to gas and advantaged oil. Downstream growth will be market-led, along with a continued focus on manufacturing excellence in refining and petrochemicals. New business models in low- carbon power and bio-products, as well as carbon management, digital and advanced mobility, will also create platforms for future growth. It all presents a range of new opportunities that promise to ensure that BP Shipping remains at the heart of the company’s operations and its future growth.
The current annual growth rate of the global gas business.
The current annual growth rate of the global LNG business.
Expected annual Upstream production growth.
“Oil will continue to meet the majority of transport demand in the near future, and we’re anticipating fast growth of natural gas for power, heat and industry worldwide,” says Dominic Emery, vice president of group strategic planning for BP. “The global gas business is growing nearly 2% a year, and LNG twice as fast as that. BP Shipping has the vessels and, most importantly, the expertise in transporting these materials safely and reliably, so it will be pivotal in helping us to meet the energy needs of a changing world.
As we start to move our focus, customers will also need increasing volumes of new and novel products, such as biofuels,” he adds. “Again, BP Shipping has proved its adaptability and agility in these areas, so I have no doubt that it will prove a valuable asset in helping us to deliver this exciting new strategy. The changes will come in what we transport, rather than how we transport it. So, we will continue to need a strong shipping capability, now and into the future."
Our fundamental purpose is the safe transportation of BP’s hydrocarbons across the world’s oceans as well as delivering innovative and agile marine solutions to the BP group
We believe having a balanced portfolio with advantaged oil and gas, competitive downstream and low carbon activities, as well as a dynamic investment strategy give us resilience