Our strategy
Fit for the future
Society is demanding solutions for more energy, delivered in new and better ways for a low carbon future. Our strategy is designed to meet this dual challenge. Through new technologies, energy will be produced more efficiently and in new ways, helping to meet the expected rise in demand. Our strategy allows us to be competitive at a time when prices, policy, technology and customer preferences are evolving rapidly.
We believe having a balanced portfolio with advantaged oil and gas, a competitive downstream and a range of low carbon activities, with the flexibility of our strategy, gives us optionality whatever path the transition takes. 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 continuing to meet the need for energy.
Transforming US onshore
Purchased unconventional assets from BHP, giving us access to some of the best basins in the onshore US.
Collaborative partnerships
Signed a new production-sharing agreement with SOCAR, Azerbaijan's state oil and gas company, to jointly explore and develop block D230 in the Caspian Sea. And formed a strategic alliance with Petrobras to explore joint projects in upstream, downstream, trading and low carbon in Brazil.
Project approvals
Sanctioned Ghazeer in Oman – the second phase of development in the Khazzan gas field; Alligin and Vorlich in the UK North Sea; the Cassia Compression and Matapal gas projects in Trinidad; KG D6 Satellites in India; Zinia 2 in Angola; Manuel and Atlantis Phase 3 in the Gulf of Mexico; and Tortue in Mauritania and Senegal.
Major project start-ups
Started up six major projects, making a significant contribution to the 900,000 barrels per day of expected new production from major projects start-ups between 2016 and 2021.
Convenience partnerships
Opened more than 220 additional REWE to Go® retail sites in Germany, taking the total number of convenience partnership sites to around 1,400 across our global retail network.
Growing retail in new markets
Expanded our network to 440 BP-branded retail sites in Mexico and opened our first sites in Indonesia.
Sustainable aviation fuel
Entered into an innovative collaboration between Air BP and Neste, a leading renewable products producer, to secure and promote the supply of sustainable aviation fuel.
Strong brands and partnerships
Strengthened our lubricants and fuels partnership with Renault Sport Racing – extending our BP Castrol sponsorship and broadening the relationship to include joint development of advanced mobility solutions and new technologies.
Harnessing battery power
Made a series of investments in electric vehicle technology and infrastructure to help us respond to rising demand for battery charging facilities, including the acquisition of Chargemaster, operator of the UK's largest electric vehicle charging network.
Advancing solar
Lightsource BP has doubled the number of countries where it has a presence since December 2017.
Turning waste to fuel
Licensed technology, developed by BP and Johnson Matthey, to Fulcrum BioEnergy® for use at their planned US commercial-scale waste-to-fuels plant.
Cleaner power
Working with the Oil and Gas Climate Initiative to progress the Clean Gas Project, which plans to use natural gas to generate power, and then capture and transport the CO2 by pipeline for storage in a formation under the southern North Sea.
Using wearable technologies
Trialled new technologies, such as smart glasses in the US and digital vests in Oman, to help increase safety and efficiency at our operations.
Cloud-based technologies
Deployed Plant Operations Advisor on our four platforms in the US Gulf of Mexico. The cloud-based tool helps reduce the time it could take engineers to diagnose a problem from hours to minutes.
Intelligent operations
Installed APEX technology across all our upstream BP-operated assets to gather data about every well and help identify efficiency improvements.
Process automation
Reduced the time it takes to complete manual tasks, such as contract management and customer data processing, by using robotic process automation. This is helping to optimize our business processes, drive productivity and improve customer satisfaction.