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.
Bob Dudley and members of the executive team hosted a presentation in February providing a strategic update for the group, including further insights into BP’s medium to long-term outlook.
Started up seven major projects, making a significant contribution to the 900mboe/d of expected new production by 2021.
Made six potentially commercial discoveries – two in the UK, two in Trinidad, one in Egypt and one in Senegal with our partner Kosmos Energy.
Found significant additional oil resources at our Atlantis field in the Gulf of Mexico using a new seismic imaging technique.
Extended our contract in the Azeri-Chirag-Gunashi field in Azerbaijan for a further 25 years, continuing our long-term advantaged oil production.
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.
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.
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 PT Air brand – now available globally.
Announced plans to build a high-quality lubricants blend plant in China.
Acquired the Nesika ethanol plant in Kansas, with joint venture partner DuPont, to commercialize Butamax® bio-isobutanol technology.
Invested in AI software for the oil and gas industry with venture partner Beyond Limits.
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.
Partnered with Lightsource - Europe’s largest solar development company - to help propel its continuing and rapid expansion worldwide.
Launched DrillPlan® – a new technology to automate the entire well construction process – at our Khazzan field in Oman, in partnership with Schlumberger.
Launched a range of digital apps to enhance our customers’ experiences, such as BPMe and in partnership with TomTom Telematics, BP FleetMove.
Began a multi-year project to move our electronic information from physical data centres to the cloud.
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.
Information about our Annual General Meeting including the Notice of Meeting and speeches made by members of the board
An overview of the key activities, events and results together with commentary on BP’s performance and our priorities as we move forward