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.
Major project start-ups
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.
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.
Announced plans to build a high-quality lubricants blend plant in China.
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.
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.
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.
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.
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