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If you think of bp as simply a traditional oil major, think again

Release date:
6 May 2022
Ten ways we're transforming bp
Did you know how we’re aiming for net zero emissions across our production, operations and sales by 2050? Or how we’re decarbonizing and diversifying into different forms of energy? And how we plan to do all of this while operating a more resilient oil and gas business? Read on for 10 things you might not know about the changes we are making as we transition from international oil company to integrated energy company
 
🕒 4 min read | 📖 Feature

February 2020 marked the start of a new era for bp – with newly appointed chief executive Bernard Looney unveiling a big ambition: to reach net zero by 2050 or sooner and to help the world reach net zero. Since 2019, we’ve reduced the carbon emissions from our operations by more than a third.1

 

And because we’re already making good progress, we have accelerated two of our net zero aims. We’re now the only international energy company aiming to be net zero by 2050 or sooner across operations, production and product sales.  

It might sound strange given our heritage, but it’s all part of our strategy to switch from international oil company to an integrated energy company. That means changing the way we do some things, including aiming to reduce oil and gas production by around 40% from 2019 to 2030.  

 

Our oil and gas business will be important to us for many years to come; over time, we expect it to be smaller, but high quality. We’ll focus on safely developing the best barrels, helping us to continue to provide the energy people need as we transition to an integrated energy company.

In 2021, we invested $2.2 billion in low carbon. And we’re going further. By 2025, we aim to increase that to $3-4 billion a year, and we expect more than 40% of our capital spending will go into our transition growth businesses, where we think our skills and assets give us a competitive advantage. These business are driven by five growth engines: renewables, hydrogen, convenience, EV charging, and bioenergy

In just 18 months, we’ve built a development pipeline of projects offshore the US and the UK with total potential generating capacity of 5.2 gigawatts (GW)2 net to bp – sufficient to power more than five million homes. One reason we have confidence in this business comes from the skills and experience that decades of working in the oil and gas sector gives us in successfully working offshore; coordinating permitting, supply chains, maintenance and vessels. 

In some places, we’re pivoting our existing assets for a low carbon future, converting up to two of our plants into biorefineries. This will support our bioenergy transition growth business. We’re investing in five major biofuels projects, including three standalone sustainable aviation fuel units collocated at our facilities, as well as growing biogas in the US, Europe and the UK.


And we’re working with some unusual feedstocks – including, believe it or not, chicken litter, thanks to our 15-year deal with CleanBay Renewables to buy renewable natural gas made from a mixture of manure, feathers and bedding.

Over the past two years, we’ve helped to power more than 50 million miles of driving via our rapidly growing network of electric vehicle (EV) charging points. We’re not slowing down any time soon, either. We aim to create more EV charging points by 2030 to more than 100,000 globally. And in the UK, we could have more EV charging points than we do petrol pumps by the end of the decade. It’s an electrifying thought. 

When it comes to coffee, we mean business. And it’s not just coffee. In 2021, our customers bought six million doughnuts from our Wild Bean Cafes in the UK. In Germany, they bought two million from our convenience stores. And our US customers bought more than 20 million cookies. 


Convenience retail is big business for us – we earned more than $1.5 billion in 2021, a rise of more than 20% compared to 2019. And we’re still growing, with an aim to expand our network of strategic convenience sites (those that offer food for now and food for later alongside forecourt fuels) to around 3,500 by 2030 (up from 2,150 today).

It’s no secret that our industry has attracted more men than women over the years. But we now have six women on bp’s 11-person executive team. We are the first, and so far only, major energy firm to have more women than men working at the top level – and we are aiming for gender parity for our top 120 leadership roles by 2025.  

Right now, we have around 2,500 digital experts and coders and we’re planning to recruit at least 500 more this year. That’s because digital technologies are transforming our businesses on a global scale.

 

From using machine learning and advanced analytics to accelerate our goal of placing thousands of EV charging points across Europe, to extending our data and analytics capabilities to help businesses make better and faster decisions and monitor emissions. Meanwhile, our loyalty and payment apps use digital tools to provide our customers with an easy and efficient forecourt experience.

Over more than 110 years, we’ve seen a lot of change and adapted in line with our customers’ needs. The same Castrol team who engineered lubricants for internal combustion engine (ICE) cars has now developed EV fluids that help electric vehicles to go further, charge faster and last longer.3 In fact, two out of three of the world’s major car manufacturers now choose Castrol ON advanced e-Fluids for their factory fill.


And the way we transport our oil and gas products has changed dramatically. From horse-drawn wagons making deliveries in the late-19th century to today’s vast seaborne tankers and mammoth pipelines; like the Southern Gas Corridor – a network of three different pipelines that takes gas from our offshore wells in Azerbaijan across seven countries to Europe. It’s how we provide the energy the world needs today as we continue making changes to support a low carbon future.

1This includes divestments.
2This includes a ScotWind lease option, awarded in January 2022.
3Castrol EV Fluids benefits are demonstrated in bespoke testing and development. Go furthera, charge fasterb, last longer.c
a) vs mass market EV factory fill fluid. b) vs indirect cooled battery system. c) vs standard EV transmission fluid.

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