Our strategy
We are setting out a new strategy that will see us pivot from being an international oil company focused on producing resources to an integrated energy company focused on delivering solutions for customers
Our new strategy
Building on our purpose, together with our beliefs about the future of energy systems and changing customer demands, our strategy is built around three focus areas of activity and three sources of differentiation to amplify value.
Three areas of focus
Low carbon electricity and energy – building scale in renewables and bioenergy, seeking early positions in hydrogen and CCUS, and building out a customer gas portfolio to complement these low carbon energies.
Convenience and mobility – putting customers at the heart of what bp does, helping accelerate the global revolution in mobility, redefining the experience of convenience retail, and scaling bp’s presence and fuel sales in growth markets.
Resilient and focused hydrocarbons – maintaining an absolute focus on safety and operational reliability, we intend to continue to high-grade the portfolio, resulting in significantly lower and more competitive production and refining throughput. bp will not seek to explore in countries where it does not already have upstream activities.
Three sources of differentiation to amplify value
Integrated energy systems – along and across value chains, pulling together all bp’s capabilities to optimise energy systems and create comprehensive offers for customers.
Partnering with countries, cities, and industries as they shape their own paths to net zero.
Digital and innovation – to enable new ways to engage with customers, create efficiencies, and support new businesses.
“By following this strategy, we expect bp to be a very different energy company by 2030.”
Bernard Looney, chief executive officer
Our new sustainability frame links our strategy to our purpose – to reimagine energy for people and our planet.
- Three focus areas: net zero, people and planet – include prioritised themes linked to the UN Sustainable Development Goals.
- Aims and objectives: we have set aims and objectives for our focus areas on people and planet, as we did with net zero.
- Embedding into our DNA: we plan to actively drive the sustainability frame through our operating model, our governance and our culture.
- External collaborations: we plan to continue the search for partnerships that can help us drive progress, provide skills we may not have, and help us shape the future together.
