Case studies
Low carbon electricity and energy
We’re teaming up with Equinor to form a new strategic partnership to develop offshore wind projects in the US. We believe we can achieve more together, working to become leaders in the fastest-growing renewables sector and helping the world get to net zero.
Why offshore wind?
Offshore wind is growing at around 20% a year globally and is recognized as a core part of reducing global emissions.
This was bp’s first ever offshore wind venture and marks an important step in the delivery of our strategy to rapidly grow our renewable electricity and energy portfolio.
Building on this progress in 2021, bp and Energie Baden-Wuerttemberg AG (EnBW) were selected as the preferred bidder for two major leases in the UK Offshore Wind Round 4, marking our entry into the largest offshore wind power sector in the world. Together, these assets have the potential to generate power for more than 2 million US homes.
What we’re doing
The partnership includes development of four assets in two existing offshore wind leases on the US East Coast. And we expect to pursue further opportunities for offshore wind in the US.
- We’re investing $1.1 billion for a 50% share in two leases: Empire Wind and Beacon Wind.
- Empire Wind, NY, is expected to have 2GW generating capacity, once operational.
- Beacon Wind, MA, is expected to have 2.4GW generating capacity, once operational.
In January 2021, the Empire Wind 2 and Beacon Wind 1 projects were selected to provide New York State with 2.5GW of power – the biggest US offshore wind award to date – adding to the existing commitment to supply 0.8GW.
Why it matters
Our strategy aims to increase our annual low carbon investment tenfold by 2030 and rapidly grow our developed renewable generating capacity.
The partnership will leverage bp’s trading expertise and onshore wind experience with Equinor’s sector-leading track record in offshore wind, and is expected to deliver value for our shareholders and help the world transition to low carbon energy.
2 million homes
Together, these assets have the potential to generate power for more than 2 million US homes.
Convenience and mobility
We aim to become a leading player in India’s fuels and mobility market through our Jio-bp joint venture with Reliance
The joint venture will bring together Reliance’s market-leading Jio brand presence with bp’s extensive global experience in convenience, fuel retailing and aviation operations. In addition, Castrol lubricants, India’s number one premium lubricant brand, will also be available across the network.
What we’re doing
Operating under the Jio-bp brand, we expect to grow Reliance’s current fuel retailing network of more than 1,400 retail sites to 5,500 by 2025. The joint venture also plans to increase its aviation presence from 30 to 45 airports.
Why we’re doing it
India is set to be one of the fastest-growing fuels and lubricants markets in the world over the next 20 years, with the number of passenger cars forecast to grow nearly six-fold over that period.
What sets us apart
Jio-bp sites will seek to offer Indian consumers high-quality, differentiated fuels and tailored convenience services, benefiting from bp’s global convenience and mobility experience and Reliance’s scale, access and digital connection to millions of customers.
Customers will also have access to loyalty offers and our Castrol lubricants.
5,500
Jio-bp retail sites expected by 2025
“This new venture is a unique opportunity to build a leading, fast-growing business that can help meet India’s demands and create exciting new digital and low carbon options for the future.”
Bernard Looney, chief executive officer
Resilient and focused hydrocarbons
In July 2020, we began production at our major project Atlantis Phase 3 in the US Gulf of Mexico safely and on time, despite the challenges of the COVID-19 pandemic. Since then, we have added a second well and are on track to add a third well by April 2021.
Why it’s important
Atlantis Phase 3 demonstrates our strategic shift towards focused and resilient hydrocarbons for value creation. The project uses world-class existing infrastructure located in the Atlantis field to increase production at higher margin.
Drilling completions and offshore construction were executed with zero personal injuries.
Harnessing digital and innovation
The team used advanced seismic imaging expertise to identify the ‘field within a field’ and designed the new subsea system to access and deliver these barrels.
What’s involved?
The project includes a subsea production system for eight new wells tied into Atlantis, which is designed to boost the platform’s production.
Building on our track record
The start-up of this project marks an important milestone for our focused and resilient hydrocarbons businesses under our new strategy.
We started up three other major projects« during 2020: Ghazeer in Oman, Vorlich in the North Sea and KG D6 R Cluster in India.
We’re on track to deliver on our target since 2016 of 900mboe/d from new major projects by the end of 2021, with 700mboe/d of production capacity on line by the end of 2020.
400,000
hours worked offshore with zero injuries