This has helped to create a strong foundation for us to advance our low carbon agenda as we work to achieve our ambition to become a net zero company by 2050 or sooner and to help the world get to net zero.
Our strategy, which we set out in 2017, allows us to be competitive, flexible and resilient while also responding to a rapidly changing energy landscape, with growing expectations for us to adapt to changing demands from stakeholders.
We remain committed to managing our portfolio for value, and investing with discipline in flexible and resilient options, which together support our pursuit of a strategy which we believe is consistent with the goals of the Paris Agreement.
Following BP’s new ambition and aims set out in February 2020, we plan to announce more information on how we intend to reimagine energy and reinvent BP, while performing as we transform, at a capital markets day in September 2020.
We aim to invest in oil and gas, producing both with increasing efficiency. This means lower cost, higher margin and close to markets, with a focus on carbon.
Almost half of BP’s upstream portfolio is natural gas, and several more gas projects are planned to come onstream in the next few years.
As the world moves towards net zero emissions, we think natural gas can play an important role in getting us there. When burned for power, natural gas has, on average on a lifecycle basis, about half the GHG emissions of coal, with fewer air pollutants, so expanding its use globally to displace coal will help to reduce carbon emissions. In fact, switching from coal to gas has avoided more than 500 million tonnes of CO2 from the power sector globally since 2010.
We’ve started up 24 of the 35 planned major projects since 2016 and are on track to deliver 900,000 barrels of oil equivalent per day of new major project production by the end of 2021.
We aim to innovate with advanced products and strategic partnerships, building competitively advantaged businesses that deliver profitable marketing growth.
We aim to invest in higher-returning fuels marketing and lubricants businesses with growth potential and reliable cash flows. And we are continuing to expand into fast-growing emerging markets.
We are also delivering and developing new products, offers and business models that support the transition to a lower carbon and digitally enabled future over the longer term.
We have continued to make strategic progress in fuels marketing, with our convenience partnership model now in around 1,600 sites across the network.
We aim to pursue new opportunities to meet evolving technology, consumer and policy trends.
We are building up our renewable energy portfolio – with activities spanning renewable fuels and products, wind and solar energy and biopower. We work across multiple fronts through our investments in low carbon activities with joint ventures, collaborations and new business models. Through BP Ventures we have invested more than $650 million in around 40 companies since it was set up in 2007. Our investments support technologies and innovations that we believe could benefit BP and global energy systems.
We increased our stake in Lightsource BP to create a 50:50 joint venture and expanded our biofuels business in Brazil by more than 50%, through a joint venture with Bunge to create BP Bunge Bioenergia. We also made a number of other investments spanning a range of strategic focus areas.
We aim to simplify our processes and enhance our productivity through digital solutions.
We achieve this through three pillars:
We’ve introduced a range of technologies and improved ways of working across BP to support our modernization priority. Our mentors and coaches deliver a programme of training for employees to share agile practices and support changing mindsets, which are key to generating ideas to improve how we work across the whole business.
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 in 2019, together with commentary on bp’s performance and our priorities as we move forward