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Case studies

Examples of our performance in action in 2022

 

Progress against our strategy

Resilient hydrocarbons

Our focus remains on safely delivering value, maximizing returns and cash flow and reducing emissions. Having grown production in 2022, we plan to grow underlying production to 2025, and hold broadly flat to 2030, relative to 2022.

 

In the second half of the decade, we have options to progress several new hub opportunities in our existing operating areas.

 

Our plan is underpinned by a high-quality hopper of options, with 18 billion barrels currently planned for development.

 

We will drive value through continued high-grading to ensure only the highest quality barrels are developed.

 

We also plan to sustain operational cost efficiency and reliability improvements. 2022 performance demonstrates our focus here; with our lowest unit production cost since 2006 and the highest plant reliability on record.

 

Keeping North Sea energy flowing

We’re in action to boost homegrown energy in the UK. Seagull and Murlach (our new North Sea major projects ) will tap into existing oil and gas infrastructure, removing the need to build new production facilities. We plan for Seagull to come online in 2023, and Murlach is currently in the planning phase.

 

We’ve also secured planning permission for a 1.25km pipeline at Sullom Voe terminal, Shetland, to help provide the UK with a long-term reliable gas supply from our Clair field.

 

~30 mboed

Seagull’s expected peak annual average production (gross)

Clair Ridge is the second phase development of the giant Clair field, located 75km west of the Shetland Islands.

Clair Ridge is the second phase development of the giant Clair field, located 75km west of the Shetland Islands.

Convenience and mobility

By bringing our capabilities and reach in convenience together with EV charging, we can provide  customer-focused, lower carbon transport solutions over time. We are also focused on growth in our differentiated fuels, Castrol, aviation, B2B and midstream including biofuels businesses.

 

Supercharging EVs

In 2022 we focused on accelerating EV charging around the world, rapidly expanding charging networks in key markets.

  • In Spain and Portugal: we’re teaming up with Iberdrola to grow EV charging infrastructure. We plan to jointly invest up to €1 billion into ~11,000 fast charge points by 2030.
  • In the US: we’re collaborating with Hertz, with plans to install and manage a network of EV charging solutions, powered by bp pulse. We aim to help Hertz’s growing fleet of electric rental cars recharge quickly and efficiently.
  • And we’re planning to establish a bp pulse Gigahub network – a series of large, EV fast charging  hubs designed to serve ridehail and taxi fleets, near US airports and high demand locations.
  • In China: we signed an agreement with AVATR Technology to accelerate the development of an ultra-fast charging network, with intent to roll out around 100 charging hubs in 15 cities.  
A bp pulse customers at one of our EV charging stations

A bp pulse customers at one of our EV charging stations

 

~11,000

fast charge points by 2030

Additional examples of our progress

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Low carbon energy

 

We plan to create integrated regional hubs, enabled by two of our transition growth engines in high-growth sectors: hydrogen and renewables & power.

 

Building scale in renewables

bp and EnBW were awarded a ~860km2 lease option off the east coast of Scotland to develop a major offshore wind project, Morven.

 

We expect Morven to have a total generating capacity of around 2.9GW – enough to power the equivalent of more than 3 million homes.

 

bp and EnBW are also jointly developing up to 3GW of offshore wind in the Irish Sea — the Morgan and Mona projects.

 

Supporting local jobs and reskilling workers: As part of our commitment to support oil and gas workers through employment and provide opportunities for reskilling in renewables, bp and EnBW have committed more than £1 million to X-Academy in Scotland. This will help to support both reskilling experienced workers and the creation of entry-level energy transition roles.

 

We have signed an agreement with the Port of Leith to help it transform into Scotland’s largest offshore wind hub, with potential to create around 3,000 direct and indirect jobs.

 

And we’re establishing our global offshore wind centre of excellence for operations and maintenance in Aberdeen, creating up to 120 jobs.

 

Our Morven project is expected to support up to £10 billion of investment in offshore wind and aims to go further than generating wind power. Investments include significant expansion of EV charging infrastructure, Scottish shipbuilding, port redevelopment and green hydrogen production, helping to support Scotland to become a global leader in offshore wind.

 

5.9 GW

combined offshore wind to be developed with EnBW

Image of an offshore wind farm being developed in Scotland