Our transformation

We’re integrating our fast EV charging experience with our leading convenience offers and services.

We’re:

• Expanding our strategic convenience network, with 2,400 sites globally today – an increase of more than 250 compared to 2021.
• Expanding in growth markets, such as our Jio-bp network or retail stations in India.
• Extending our partnership with Marks & Spencer in the UK.
• Taking our ampm convenience offer to the US East Coast with two new stores in New York City.

bp has an established global biogas and biofuels business today and we are deepening our investment in bioenergy. We’re accelerating biofuels production growth, focusing on sustainable aviation fuel and leveraging our global refining footprint.

By 2030, we aim to increase:

• Biofuels production to ~100 thousand barrels per day (mbd) – up from 27mbd today. This includes growing our co-processing volumes at our refineries by three times.
• Biogas supply to ~70,000 barrels of oil equivalent per day (mboed).

We have a solid track record of delivering and operating complex projects on a global scale and own multiple refineries that are ready to be decarbonized.

We aim to build global leadership in low carbon hydrogen, delivering 0.5-0.7mpta of primarily green hydrogen production (net) by 2030.

We have a global-scale project hopper of more than 2 million tonnes per annum (mpta) of hydrogen production capacity.

We are:

• Progressing projects to deliver low carbon hydrogen to four of our refineries.
• Helping to make Teesside the UK’s first decarbonized industrial cluster.
• Developing plans and partnerships for projects in Abu Dhabi, Australia, Egypt, Europe, Mauritania, Oman, the UK and the US.

We aim to sustain resilient hydrocarbons earnings at $39-42 billion a year until 2030, even as we reduce output by ~25%.

We plan to do this by:

• Removing costs.
• Focusing on high-margin projects.
• Maintaining investment discipline.

We continue to make progress high-grading our portfolio:

• Completing the creation of Azule Energy – a 50:50 joint venture combining our Angolan assets with Eni’s.
• Starting up major projects in the Gulf of Mexico and Trinidad and Tobago, while seeking ways to reduce their carbon footprint.
• Electrifying the wells at our bpx energy operations in Texas, with 80% plugged in (up from 4% in 2018) and on track for 95% by end-2023, reducing emissions from the site.

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 ~25% by 2030 – from 2.6 million barrels of oil equivalent per day (Mboe/d) in 2019 to ~2Mboe/d in 2030.

Emissions from the carbon in our upstream oil and gas production fell by around 57MtCO2e, a 15% reduction, including through divestments and existing field decline.

MtCO2e explained

Metric tons of carbon dioxide equivalent.

CO2 is a greenhouse gas.

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 31.9MtCO2e.

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 41% reduction of bp’s carbon emissions is the equivalent of more than 2 million homes’ energy use for one year.

We have around 22,000 charge points globally.

Around 50% are now rapid or ultra-fast. Our 150kW chargers are capable of delivering up to 120km of range in around 10 minutes of charging, depending on the model of vehicle.

To accelerate our rollout plans, we’ve announced we’re working with VW, Iberdrola and REWE in Europe, Avatr in China, M&S in the UK, and Hertz in the US.

And, we’re building an EV truck charging corridor in Germany.

Our developed renewables to FID and renewables pipeline were 43GW at 4Q 2022, up 10.3GW from 3Q, driven by an increase in onshore wind and solar pipeline in support of hydrogen.

In two years, we grew our offshore wind pipeline to 5.2GW net in two markets through partnerships with Equinor (US) and EnBW (UK).

We’ve completed a deal to lead and operate one of the world's largest planned renewables and green hydrogen energy hubs in Australia, which aims to develop up to 26GW of solar and wind generating capacity.

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.