While today we’re mostly in oil and gas, we increased the proportion of our global annual investment that went into our lower carbon and other transition businesses from around 3% in 2019 to around 23% in 2023.
At bp we have five transition growth businesses, that we call growth ‘engines’; bioenergy, EV charging, convenience, hydrogen and renewables & power. We plan to continue to invest in these transition growth engines as well as in oil and gas.
The level – and proportion – of the overall investment going into our lower carbon and other transition businesses may vary year on year as we pursue our target and aim to increase the proportion of investment we make into our non-oil and gas businesses.
In 2023 transition growth investment was $3.8 billion, representing around 23% of our total capital expenditure for the year, which compares to around 3% in 2019 and around 30% in 2022. Of that amount, our low carbon activity investment was over $2.5 billion in 2023. This is lower than the $4 billion we invested in 2022, reflecting the impact of large low carbon acquisitions made that year. (Most of our 2023 low carbon activity investment was in biogas, offshore wind, solar and EV charging.)
Our annual net zero ambition progress updates provide more details of our progress. Read the latest report here.
Click below to find out how our “and, not or” approach is in progress across the UK.
The North Sea has been an important part of our business for 60 years. Today, we continue to provide energy through a portfolio focused around five key production hubs in the central North Sea and west of Shetland.
Our plans in the North Sea will see us continue to invest around our existing production facilities to produce oil and gas safely, reliably, and competitively. We will do this while looking for new ways to lower emissions associated with our operations.
Since 2015 we’ve introduced measures to prevent the equivalent of 485,000 tonnes of CO₂ from our North Sea operations entering the atmosphere.
With other operators in the central North Sea and west of Shetland, we are exploring opportunities to electrify our facilities, replacing gas turbines – the main source of power generation offshore – with cleaner forms of energy.
We intend to invest up to £18bn in the UK’s energy system by the end of 2030 (from 2022), including in electric vehicle charging in the UK. This investment will enable the deployment of more rapid and ultra-fast chargers, focussing on on-the-go, destination and forecourt.
As part of this, we recently opened the UK’s largest public electric vehicle (EV) charging hub on the NEC Campus in the West Midlands which has 30 ultra-fast 150kW and 150 fast 7kW charge points enabling 180 EVs to charge simultaneously. We have also opened several other charging hubs this year including in Kettering, North Northamptonshire which features 20 150kW charge points. Last year, we teamed up with Addison Lee to give the private hire firm’s growing EV fleet enhanced access to bp pulse’s network and announced an agreement with Marks and Spencer aiming to bring 900 EV charge points to around 70 store locations.
In 2022 bp pulse reached a total of around 118,000 kW of public charging capacity and powered an estimated 150 million EV miles in the UK.
We’re rolling out charge points to consumers and commercial fleets at places where they need them – destination, depot and on-the-go – including across bp branded retail sites. Today, our bp pulse network is available at over 150 bp retail sites – that’s about a tenth of our UK forecourt network. And that number is constantly changing as we plan to add more charge points this year. And we plan to continue to add more in 2024 and 2025 and beyond. See our full UK network at: Find your nearest charge point.
Our EV charging and convenience transition growth engines can work together, with customers able to get coffee and range of Wild Bean Café offers, M&S Simply Food, and other branded food and products at many of our locations.
We aim to be a global leader in safely developing, building, operating and owning offshore wind farms. We’re making waves towards this, developing offshore wind farms in the Irish and North Sea that will be capable of contributing to the UK’s 50-gigawatt wind power target by 2030.
In March 2023, we were successful in our INTOG bid to develop our innovation demonstrator floating offshore wind project off the coast of Aberdeenshire. As we look to significantly build our offshore wind footprint around the world, we expect this to increasingly include floating options, and this is one exciting first step.
With our partner EnBW, the wind farms in the Irish and North Sea which we are developing together could generate enough energy to power the equivalent of around six million UK homes every year.
In 2023 we signed Agreements for Lease with The Crown Estate for the Morgan and Mona offshore wind projects, completed community consultations, and secondees from X-Academy, a capability accelerator providing on-the-job project experience and formal learning, joined us to work on the Morven project.
Our plans go much further than just the turbines offshore. Our projects are expected to strengthen port infrastructure with investment in the Port of Leith helping it transform into Scotland’s largest offshore wind hub where our giant offshore wind turbine towers and blades will be assembled and deployed. The area has been secured as a marshalling port for our Morven offshore wind project by bp and our partner EnBW, and has started to be transformed into Scotland’s largest renewable energy hub.
We also opened our dedicated Morven joint venture team office in Edinburgh, which provides another hub for bp and EnBW, strengthening the partnership and we continued our biggest-ever offshore integrated site survey involving specialist vessels and crews. Whilst there are more steps to come, we are on our way to delivering our offshore wind plans in the UK.