Our strategy

Fit for the future

Our industry is changing at a pace not seen in decades. Oil, gas and renewables are becoming more abundant and less costly.

Through new technologies, energy will be produced more efficiently and in new ways, helping to meet the expected rise in demand. And the world is working towards a lower carbon future. Our strategy allows us to be competitive in a time when prices, policy, technology and customer preferences are evolving.

We believe having a balanced portfolio with advantaged oil and gas, competitive downstream and low carbon activities, as well as a dynamic investment strategy give us resilience.

With the experience we have, the portfolio we have created and the flexibility of our strategy, we can embrace the energy transition in a way that enhances our investor proposition, while meeting the need for energy today.

Growing gas and advantaged oil in the upstream

Invest in more gas and oil, producing both with increasing efficiency.

Major project start-ups

Started up seven major projects, making a significant contribution to the 900mboe/d of expected new production by 2021.

Exploration

Made six potentially commercial discoveries – two in the UK, two in Trinidad, one in Egypt and one in Senegal with our partner Kosmos Energy.

Seismic success

Found significant additional oil resources at our Atlantis field in the Gulf of Mexico using a new seismic imaging technique.

Enduring relationships

Extended our contract in the Azeri-Chirag-Gunashi field in Azerbaijan for a further 25 years, continuing our long-term advantaged oil production.

Market-led growth in the downstream

Innovate with advanced products and strategic retail partnerships.

Convenience partnerships

Continued the rollout of our convenience partnership model across our retail network – adding more than 220 sites in 2017, bringing the total to 1,100.

Retail sites in Mexico

Became the first global brand to enter the Mexican retail fuels market since deregulation – opening more than 120 BP branded retail sites during the year.

Lower carbon products

Expanded our lower carbon products portfolio with Castrol EDGE BIO-SYNTHETIC now available in the US, the supply of jet biofuel in Sweden and Norway, and PTAir brand – now available globally.

High-quality lubricants

Announced plans to build a high-quality lubricants blend plant in China.

Venturing and low carbon across multiple fronts

Pursue new opportunities to meet evolving technology, consumer and policy trends.

Advancing biofuel technology

Acquired the Nesika ethanol plant in Kansas, with joint venture partner DuPont, to commercialize Butamax® bio-isobutanol technology.

Investing in artificial intelligence

Invested in AI software for the oil and gas industry with venture partner Beyond Limits.

Renewable gas

Acquired Clean Energy’s renewable natural gas business - giving BP access to its network of gas transport customers and helping to make biogas, made from organic waste, more accessible to natural gas powered vehicle fleets.

Generating solar energy

Partnered with Lightsource - Europe’s largest solar development company - to help propel its continuing and rapid expansion worldwide.

Modernizing the whole group

Simplify our processes and enhance our productivity through digital solutions.

Automating well construction

Launched DrillPlan® – a new technology to automate the entire well construction process – at our Khazzan field in Oman, in partnership with Schlumberger.

Serving customers digitally

Launched a range of digital apps to enhance our customers’ experiences, such as BPMe and in partnership with TomTom Telematics, BP FleetMove.

Speedier solutions

Began a multi-year project to move our electronic information from physical data centres to the cloud.

Carbon trading

Used our powerful market insights and innovative platforms to help generate over 12 million tonnes of CO2 reductions through carbon offsetting projects to help customers meet their emissions commitments.

Related content

Advancing the energy transition

Our new report sets out BP's commitment to a low carbon future and our framework for reducing greenhouse gas emissions in our operations, improving our products and creating low carbon businesses