Our transformation

We aim to expand our strategic convenience network to around 3,500 sites globally by 2030.

We aim to grow our convenience gross margin at around 7% per year. This helps to fund our transformation.

We’re:

• Expanding our strategic convenience network.
• Expanding in growth markets.
• Extending our partnership with Marks & Spencer in the UK.
• Taking full ownership of Thorntons in the US.

We’re integrating our fast EV charging experience with our leading convenience offers and services to provide customers with everything they need ‘on the go’.

We’re offering better and better digital solutions and loyalty programmes. We have around 16 million active loyalty customers.

We aim to sustain oil and gas earnings at $30-35 billion a year until 2030, even as we reduce output by 40%.

We plan to do this by:

• Removing costs.
• Focusing on high-margin projects.
• Focusing on six regions.

Our methane intensity in 2021 was 0.07%, an improvement from 0.12% in 2020. Methane emissions from upstream operations, used to calculate intensity, decreased to around 43.0 kilotons (kt), from 71.6kt in 2020. This continues a declining trend in absolute upstream methane emissions since 2016.

We aim to have developed 20GW of renewable generating capacity by 2025 and 50GW by 2030. That’s broadly enough to meet the power needs of 36 million people.

GW explained

1 gigawatt (GW) = 1,000 megawatts = 1 billion watts. A GW is how we measure the scale of our renewable energy projects.

For example, a 1GW solar farm in the US could power 12 billion hours of TV viewing a year.

Over time, as investment goes up in low and zero carbon, we see it going down in oil and gas.

Our 2021 investment increased due to our continuing acceleration in offshore wind and solar, as well as advancing mobility with a bolder ambition in electrification.

Our low carbon investment focus will be on renewables, bioenergy, EV charging, hydrogen, and carbon capture and storage.

We are already investing in building offshore wind developments that match our scale and ambition.

bp and Equinor are developing four offshore wind assets with a capacity of 2.2GW in the US. And with our partner EnBW, we are developing three offshore wind projects in two major UK locations with a capacity of about 3GW. All together, these projects have the potential to power more than five million homes.

Recently, we’ve agreed to form a partnership with Marubeni to explore an offshore wind development in Japan.

We aim to triple our bioenergy production to more than 100,000 barrels per day (b/d) by 2030.

We will increase biofuels production three-fold at three of our refineries through bio co-processing, and invest in five major biofuels projects by 2030. This includes three standalone bio-plants and the conversion of up to two bio-refineries.

We aim to develop a leading market position producing and supplying low carbon hydrogen, capturing 10% of core markets by 2030.

bp’s world-scale hydrogen project, part of Net Zero Teesside, aims to produce 1GW of blue hydrogen starting in 2027, capturing and sending for storage up to 2 million tons of CO2 per year.

That’s equivalent to the energy use of 218,492 UK households.

In the UK, we aim to produce up to 1.5GW of blue and green hydrogen by 2030. And we are planning seven world-class low carbon hydrogen hubs across Europe, the Middle East and Australia.

Having exceeded our 2025 target, we have more to do to reduce emissions. We’re now working towards our 2030 aim of reducing operational emissions by 50% compared to 2019.

In 2019, our combined Scope 1 and 2 operational emissions totalled 54.4MtCO2e. We’ve reduced this to 35.6MtCO2e.

MtCO2e explained

Metric tons of carbon dioxide equivalent.

The actions we’re taking, include:

• Energy efficiency measures.
• Electrification of centralized facilities.
• Reducing flaring and managing methane.
• CCS.

A 35% reduction of bp’s carbon emissions is the equivalent of more than 2 million homes’ energy use for one year.

Our aim is to be net zero on an absolute basis across the carbon in our upstream oil and gas production by 2050 or sooner.

Portfolio optimization

Reducing production will be key to our Aim 2, to be net zero on an absolute basis across the carbon in our upstream oil and gas production.

We expect a fall in production by around 40% by 2030 – from 2.6 million barrrels of oil equivalent per day (Mboe/d) in 2019 to 1.5Mboe/d in 2030.

Emissions from the carbon in our upstream oil and gas production fell by around 57MtCO2e, a 16% reduction, including through divestments and existing field decline.

MtCO2e explained

Metric tons of carbon dioxide equivalent.

CO2 is a greenhouse gas.

bp is aiming to install more than 100,000 charging points globally by 2030.

We’ve installed 73% more since 2019 and are on track to reach the 2030 aim.

We’ve also launched a strategic partnership with Volkswagen Group that aims to install 4,000 fast charging units with two charging points on each in key European markets by the end of 2024.

We sold 45% more electrons in Q3 2021 than the previous quarter. That’s because we’re growing our fast, rapid and ultra-fast infrastructure. About 50% of bp pulse is rapid or ultra-fast.

Globally, bp’s EV customers already have access to around 8,700 rapid and ultra-fast charging points.

As part of a new £1 billion investment plan in the UK over 10 years, bp pulse is set to approximately triple its number of charging points by 2030.