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2023 in review: bp drove energy business. Here’s how.

We hit the ground running in January and haven’t slowed down.

Over the past 12 months, our teams have been working hard to supply the energy the United States wants and needs today, which is mostly oil and gas, and to develop lower carbon energy for the future.

 

Fully focused on safely delivering our strategy, we’ve taken steps, big and small, towards achieving our aims.

 

Here’s a look back at the progress we’ve made over the year across our businesses – from the start-up of a new platform in the Gulf of Mexico to bringing online a first-of-its-kind renewable natural gas plant in Indiana.

1. Oil & gas

We’ve completed major oil and gas projects – including an upgrade at our Cherry Point refinery.

 

We started operating our fifth deepwater platform in the US Gulf of Mexico. Argos is the first new bp-operated production facility in the region since 2008.

 

Also in the US, the start-up of ‘Bingo’, bpx energy’s second central processing facility in the Permian basin, doubled our oil and gas processing capacity in the basin, driving towards our planned production increase of 30-40% by 2025. In addition, we achieved our goal of electrifying 95% of our wells in the Permian.

The bpx energy team hosted investors and analysts for a guided tour of some of bpx’s top-tier locations in the Permian basin, including the newly launched electrified oil, gas and water handling facility, Bingo

2. EV charging and Castrol

We’ve been working to meet our aim of installing more than 100,000 EV charging points globally by 2030 – with around 90% of those rapid or ultra-fast. 

 

We announced plans to invest up to $1 billion in EV charging across the US by 2030. That includes an intent to build EV charging infrastructure in major cities, including at select Hertz locations to serve Hertz EV customers and the general public.

 

Also in the US, bp pulse announced plans to install Tesla chargers across the bp pulse network by agreeing purchases of its ultra-fast charging hardware units in a $100 million deal.

A woman leans against an electric vehcile that's charging with a bp pulse charger

3. Convenience

Our customers are front and center in our convenience business. This year, we have added new stores to our network and have continued to evolve our offers – to give our customers what they want, when and where they want it.

 

The purchase of TravelCenters of America added around 280 large sites to bp’s portfolio. Strategically located on major highways across the US, these sites will provide options to expand and develop new offers, including EV charging, biofuels, renewable natural gas (RNG) and, later, hydrogen, both for passenger vehicles and fleets.

bp fuel pumps at a TravelCenters of America retail location

4. Bioenergy

We’ve made steady progress this year in our bioenergy business. bp’s Archaea Energy brought online a first-of-its-kind renewable natural gas plant in Medora, Indiana. The plant, which captures landfill emissions and provides customers with lower carbon fuel, has a standardized modular design that can lead to faster builds than previous industry standards and could pave the way for more facilities like it in the US.

An overview of the Archaea renewable gas plant in Medora, Indiana

5. Hydrogen

We have laid solid foundations in our effort to further develop our lower carbon hydrogen business.

 

In the US, the Midwest Alliance for Clean Hydrogen, of which bp is a member, was selected by the US Department of Energy to develop a Regional Clean Hydrogen Hub. A Midwest clean hydrogen hub – which, under the proposals, would include blue hydrogen production at or near bp’s Whiting refinery – could help to decarbonize America’s industrial heartland, where there’s a cluster of ‘hard-to-abate’ industries.

A drone flies above Whiting Refinery

6. Renewables & power

We recently announced an agreement to acquire the remaining 50.03% stake in Lightsource bp, one of the world’s leading developers and operators of utility-scale solar and battery storage assets.

 

In the US, construction began on two new bp solar projects – Arche and Peacock. Once up and running, they will help to provide lower carbon energy to industry.

 

We upgraded 40 turbines at our Fowler Ridge 1 onshore wind farm in Indiana. The new turbines can generate up to 40% more power, more efficiently and with greater reliability than the previous turbines.

An aerial view of rows of solar panels at Peacock Solar, which is 10 miles north of Corpus Christi in San Patricio County, TX

bp’s wider transformation is under way. While we’re mostly in oil & gas today, we’ve increased global investment into our lower carbon businesses, convenience stores and power trading from around 3% in 2019 to around 30% last year.