Our strategic approach to hydrocarbons is to create a resilient and focused portfolio across oil, gas and refining. We aim to grow EBITDA to 2025 through delivery of high margin major projects and fast payback infrastructure-led investments, and the high grading of our portfolio via strict investment criteria and portfolio choices.
In addition, in our hydrocarbons businesses we plan to drive operational excellence and synergies, transforming our operations through our new combined operating model. This is expected to create around $1.5 billion of annual cost savings by 2023, relative to 2019, and drive improved reliability.
While this combined operating model is expected to deliver significant benefits, we are separating the financial reporting of our oil, gas and refining businesses. This will allow us to focus on the commercial integration of our gas value chains with our low carbon businesses as well as the value of integrated fuels value chains in our refining and oil products business.
The map below shows the regions reported in oil production & operations.
Handbook containing information on our new disclosures
Production and operations brings together our hydrocarbon operations into one business group. It is the operational heart of bp, from where we can produce the affordable hydrocarbon energy and products the world needs – safely, cleanly and efficiently
As we reinvent bp for a lower carbon future, we remain committed to delivering for the millions of people who depend on us