bp intends to invest up to £18 billion in the UK’s energy system by the end of 2030, demonstrating bp’s firm commitment to the UK, and helping the country to deliver on its bold ambitions to boost energy security and reach net zero. As one of the largest oil and gas producers in the UK, bp intends to continue investing in North Sea oil and gas, while driving down operational emissions. bp is also in action on a range of lower carbon energy investments in the UK, which are expected to bring jobs and develop new skills and capabilities.
Bernard Looney, chief executive officer, bp, said: “We’re backing Britain. It’s been our home for over 110 years, and we’ve been investing in North Sea oil and gas for more than 50 years. We’re fully committed to the UK’s energy transition – providing reliable home-grown energy and, at the same time, focusing on the drive to net zero. And we have ambitious plans to do more and to go faster. Our plans go beyond just infrastructure - they see us supporting the economy, skills development and job opportunities in the communities where we operate. We are all in.”
These projected investment figures are in addition to bp’s significant operating spend in the UK. In 2019, prior to the pandemic, an estimated 0.5% of UK GDP was supported by bp’s activities*. bp also anticipates paying up to £1 billion in taxes for its 2022 North Sea profits, on top of around £0.25 billion that it has paid annually in other taxes in the UK in recent years.
The UK projects in which bp is looking to invest - and the wider activities supporting them - include:
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In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), bp is providing the following cautionary statement. This document contains certain forward-looking statements – that is, statements related to future, not past events and circumstances – which may relate to one or more of the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘looking’, ‘projections’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions.
In particular, the following, among other statements, are all forward looking in nature: plans and expectations relating to investments in the UK which bp has made or may make in the future; the monetary amount and timing of investments whether individually or in the aggregate; plans and expectations for each project and associated activites in which an investment is contemplated or has been made by bp including bp’s participation in that project and the project’s progression including future options and capital expenditure; expectations regarding the wider economic impact of projects, activities and investments including employment opportunities and support; and bp’s anticipation to pay around £1 billion in tax for its 2022 North Sea profits. By their nature forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of bp. Actual results or outcomes, including the amount and timing of investments, may be impacted by a variety of factors, and where relevant may differ materially from those expressed in such statements, including the possibility that individual investments or projects may not progress or may progress differently to expectations due to decisions, resources or capabilities of other participants; internal governance processes; third party support and approvals including legal and regulatory approvals and other factors discussed under “Risk factors” in the bp Annual Report and Form 20-F 2021 as filed with the US Securities and Exchange Commission.
Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.