bp in Europe
bp has been part of people’s lives in Europe for over 100 years. We employ over 16,000 people across our refineries, terminals, retail stations, production and R&D sites
Performing while transforming
Globally, we see incredible growth potential in low carbon energy and have increased our capital spend on non-oil and gas activity, which includes our low carbon and other transition growth businesses, from around 3% in 2019 to around 30% in 2022. We expect to invest more than 40% of our capital expenditure in transition growth engines by 2025 and around 50% by 2030.
We allocate our capital competitively and Europe is an important market for bp. We see strong potential for future investments into the region. In Spain, for example, bp recently announced plans to invest, subject to regulatory support and funding, up to €3bn over the course of this decade – and in Germany, this figure is planned to reach up to €10 bn over the same time horizon.
These investments in the European energy system will help provide the energy Europe needs today – predominantly oil and gas – and contribute to the energy transition by working to develop and scale lower carbon forms of energy for the future.
Our impact in Europe
The Economic Impact Report, which we have commissioned by Oxford Economics, clearly illustrates our economic impact in the European Union today. We contributed about €12 billion to the gross domestic product of the European Union, we paid and collected €13.9 billion in taxes ourselves and stimulated a further €3.8 billion in tax payments along the supply chain. We employ over 16,000 people across the continent. And our supply chain spending supported an additional 115,000 jobs and benefited many businesses, too.
