Our business model

Integrating energy systems

Harnessing our collective capabilities as the energy system transitions, helping more customers get the energy they want and creating value for our shareholders.

Working to decarbonize the aviation sector

We are working with airlines and airports to support the decarbonization of the aviation sector and our aim to be a net zero company by 2050 or sooner:

• Sustainable aviation fuel (SAF) is expected to play a critical part in decarbonizing this sector and we are working at pace to promote SAF availability, accessibility and affordability.
• We have an established position in SAF and aim to be a sector leader, with 20% marketing share by 2030.
• As an integrated energy company, our global capabilities, expertise and experience positions us well to help our partners and our customers move at a faster pace on the energy transition journey.
• We aim to increase our biofuels production three-fold at three of our refineries through bio co-processing, and invest in five major biofuels projects including three adjacent to existing refineries and the conversion of up to two bio-refineries by 2030.

Progress in 2021:

• Received accreditation from the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) for the production of SAF at our Castellón refinery, the first refinery in the world to receive this status.
• Formed a strategic partnership with Qantas to work on opportunities to decarbonize the aviation sector and agreed to supply SAF to the airline from 2022 for selected flights from London to Australia departing from London’s Heathrow Airport.

Partnering with countries, cities and industries

Developing low carbon, CCS-enabled hydrogen in the UK

We’re developing plans for a blue hydrogen production facility in Teesside, aiming for 1GW of blue hydrogen production by 2030 and supporting development of the region as the UK’s first hydrogen transport hub – H2Teesside.

H2Teesside aims to help surrounding industries decarbonize their existing operations by switching fuel from natural gas to low carbon hydrogen, enabling their manufacturing facilities to produce low carbon products as society progresses towards a net zero future.

The development is expected to:

• Capture and send for storage up to 2MtCO₂ per year.
  
• Help lead a low carbon transformation, supporting jobs, regeneration and the revitalization of the surrounding area.

H2Teesside and HyGreen Teesside – a new large-scale green hydrogen production facility project planned by bp – together have the potential to deliver 30% of the UK’s 2030 target for low carbon hydrogen production.

bp has signed memorandum of understanding with seven potential customers – with existing or planned Teesside operations – for hydrogen produced by the project.

• A final investment decision is due in early 2024, with potential to begin production in 2027 or earlier.

Driving digital innovation

We innovate with a strong focus on digital to drive operational efficiencies, empower our workforce and engage better with our customers. This includes building new businesses through bp ventures and Launchpad.

Innovation across the business

Growing digital expertise in India

Our new digital hub in Pune, India is designed to create, grow and deliver a range of digital solutions to help transform bp’s core operations, extend its customer interfaces and support new and emerging business models. Located within bp’s major global business services operations centre, the hub has an initial headcount of around 100 digital engineering, data, information security and design specialists.

• We aim to build an accessible talent ecosystem of digital expertise with cross-discipline, agile teams that will scale up and evolve over time.
  
• We will use the hub to partner and collaborate with other leading institutions, support start-ups and strategic organizations.
  
• The hub will support the digitization of bp’s businesses and help deliver new energy and mobility solutions.
  

Enhancing safety with automated technology in the North Sea

The first onshore remote piloting of a remotely operated vehicle (ROV) in the UK was successfully conducted at the bp-operated Clair Ridge platform west of Shetland in 2021. The project was also the first cross-border implementation and the first operational implementation for bp.

• Onshore piloting of ROVs improves the efficiency and safety of operations by removing people from the work site.
  
•  The work was carried out by Oceaneering’s Onshore Remote Operations Centre in Norway, where the team observed drilling operations at our Clair Ridge platform.