Our strategy
Fit for the future
Our industry is changing at a pace not seen in decades. Oil, gas and renewables are becoming more abundant and less costly.Through new technologies, energy will be produced more efficiently and in new ways, helping to meet the expected rise in demand. And the world is working towards a lower carbon future. Our strategy allows us to be competitive in a time when prices, policy, technology and customer preferences are evolving.We believe having a balanced portfolio with advantaged oil and gas, competitive downstream and low carbon activities, as well as a dynamic investment strategy give us resilience.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 meeting the need for energy today.
Growing gas and advantaged oil in the upstream
Invest in more gas and oil, producing both with increasing efficiency.
Major project start-ups
Started up seven major projects, making a significant contribution to the 900mboe/d of expected new production by 2021.
Exploration
Made six potentially commercial discoveries – two in the UK, two in Trinidad, one in Egypt and one in Senegal with our partner Kosmos Energy.
Seismic success
Found significant additional oil resources at our Atlantis field in the Gulf of Mexico using a new seismic imaging technique.
Enduring relationships
Extended our contract in the Azeri-Chirag-Gunashi field in Azerbaijan for a further 25 years, continuing our long-term advantaged oil production.
Market-led growth in the downstream
Innovate with advanced products and strategic retail partnerships.
Convenience partnerships
Continued the rollout of our convenience partnership model across our retail network – adding more than 220 sites in 2017, bringing the total to 1,100.
Retail sites in Mexico
Became the first global brand to enter the Mexican retail fuels market since deregulation – opening more than 120 BP branded retail sites during the year.
Lower carbon products
Expanded our lower carbon products portfolio with Castrol EDGE BIO-SYNTHETIC now available in the US, the supply of jet biofuel in Sweden and Norway, and PTAir brand – now available globally.High-quality lubricantsAnnounced plans to build a high-quality lubricants blend plant in China.
The world is changing fast and BP is changing with it. The mix of energy that provides heat, light and mobility for billions of people is shifting towards lower carbon sources, driven by advances in technology and growing concerns about climate change.
One of the most ambitious and complex developments in the North Sea, BP’s ETAP hub, is celebrating 20 years of production, with the man at the helm celebrating more than most. Colin Reid fulfilled a long-held dream when he joined the ETAP team, a dream he hopes long continues.
olin Reid was 21-years old when an article in the local paper altered the course of his career.
Advancing the energy transition
Our industry is changing faster than at any time in our life time. In BP, we will help drive this transition - and our business will be transformed by it. Visit our energy transition site to find out how
The world is changing fast and BP is changing with it. The mix of energy that provides heat, light and mobility for billions of people is shifting towards lower carbon sources, driven by advances in technology and growing concerns about climate change.
One of the most ambitious and complex developments in the North Sea, BP’s ETAP hub, is celebrating 20 years of production, with the man at the helm celebrating more than most. Colin Reid fulfilled a long-held dream when he joined the ETAP team, a dream he hopes long continues.
olin Reid was 21-years old when an article in the local paper altered the course of his career.
“It described this new exciting development called the Eastern Trough Area Project (ETAP). What that project was doing had never been done before and I wanted to be a part of that,” he said.
“I applied and unfortunately it wasn’t to be at the time.”
However, that initial set back didn’t dissuade the Aberdeen-native and now father-of-four from carving out a successful career offshore.
The world is changing fast and BP is changing with it. The mix of energy that provides heat, light and mobility for billions of people is shifting towards lower carbon sources, driven by advances in technology and growing concerns about climate change.
One of the most ambitious and complex developments in the North Sea, BP’s ETAP hub, is celebrating 20 years of production, with the man at the helm celebrating more than most. Colin Reid fulfilled a long-held dream when he joined the ETAP team, a dream he hopes long continues.
One of the most ambitious and complex developments in the North Sea, BP’s ETAP hub, is celebrating 20 years of production, with the man at the helm celebrating more than most. Colin Reid fulfilled a long-held dream when he joined the ETAP team, a dream he hopes long continues.
The world is changing fast and BP is changing with it. The mix of energy that provides heat, light and mobility for billions of people is shifting towards lower carbon sources, driven by advances in technology and growing concerns about climate change.