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If you think of bp as simply a traditional oil major, think again

Release date:
22 August 2022
The energy we produce each year is enough to meet the needs of 330 million family homes. Most of that energy today comes from oil and gas, as you might expect. But, there’s more... Read on for the facts and figures you might not know about bp and our transformation
 
🕒 4 min read | 📖 Feature| 💡 Why it matters
We were one of the first major oil and gas companies to announce a net zero ambition. In February 2020, we set out our net zero ambition – ahead of many others in the industry. And we are now uniquely, we believe – the only oil and gas company aiming to be net zero across our operations, production and the energy products we physically trade and sell.

We have around 16,000 EV charging points today and we’re aiming to reach at least 100,000 globally by 2030. We expect around 90% of those to be rapid or ultra-fast, resulting in around 10 gigawatts of installed capacity. This is equivalent to around 30 billion EV miles driven per year.

 

We recently became the leading provider of ultra-fast charging in Germany, building on our leading position in the UK, where we already power more than 50 million electric miles a year and expect to have more EV charging points than we do petrol pumps by the end of the decade.

When it comes to coffee, we mean business. We make approximately 150 million cups a year at our retail sites worldwide. It’s all part of our convenience strategy, which aims to bring quality food and drink to our highly convenient forecourt locations. With  2,200 strategic convenience sites around the world, our quality food on the go has proved so popular that we’re planning on bringing it to more than 3,500 sites by 2030.
Approximately 5 million homes could be powered by the wind farms we have planned. With wind projects offshore the US and the UK, we have, in energy speak, an offshore wind development pipeline of 5.2 gigawatts (GW)1 net to bp. 

We know the need for energy security is more acute than ever. Playing a vital role in supplying that energy today is the Southern Gas Corridor – a network of three different pipelines that takes gas from our offshore wells in Azerbaijan across seven countries to Europe. 

 

But it’s not just business as usual; we’re committed to producing the energy the world needs while lowering the emissions associated with our operations. Our aim is by 50% by 2030, compared to 2019. One great example of this in action is our Glen Lyon floating production, storage and offloading vessel in the North Sea region, where the team has already cut annual carbon dioxide equivalent emissions by almost 100,000 tonnes and continues to work to achieve more. 

It’s no secret that our industry has attracted more men than women over the years. So, we’re particularly proud to see a leadership team where the women outnumber men. We have six women on bp’s 11-person executive team and are the first and, so far, only major energy firm to have more women than men working at the top level – and we are aiming for gender parity for our top 120 leadership roles by 2025.  
We think bioenergy is key to helping decarbonize air and road travel, and that means we’ll all need more of it to reach net zero. We currently produce 5,000 barrels per day of biofuels at three of our refineries2. That’s enough to fly from London to Sydney 73 times a day.  We’re making plans to triple that volume by 2030 – that would be enough to fuel around 220 London-to-Sydney flights a day. 
We’re planning to put more money into non-hydrocarbon businesses than ever before. In 2019, just 3% of our capital investment was in low carbon; in two years, that went up to 15%.  And we have ambitions to go further by directing half of our capital into non-oil and gas businesses by 2030. Renewables, hydrogen, convenience, EV charging, and bioenergy are all areas where we have deep skills and experience and where we see rapid growth through the energy transition. 

We’re not only decarbonizing our own operations, but also helping some of the world’s biggest businesses to lower their carbon emissions, too. In the US, for example, construction has started on solar farms in Northwestern Ohio and Louisiana that, once completed, will supply renewable energy to Amazon, eBay and McDonald’s. 

 

Also in the US, we’re planning, with our partner Linde, a carbon capture and storage project that could pave the way for large-scale decarbonization of the Texas Gulf Coast industrial corridor. The project aims to store up to 15 million metric tons of CO2 per year in multiple sites – the equivalent of removing approximately three million cars from the road.

We have plans to operate one of the world’s largest renewables and green hydrogen hubs in Australia, with an energy-generating potential so huge, it could light up a third of the country. We’re in action to lead the Asian Renewable Energy Hub – and there are plans for more. It’s what we can do as an Integrated Energy Company – bring together world-class technical and commercial expertise to deliver energy solutions in scale, helping to decarbonize different industries.

 

In the UK, for example, we’re leading the development of hydrogen by working with partners to create two large-scale production facilities and aiming to make Teesside the UK’s first major hydrogen transport hub.

💡 Why it matters


Today, most of our production is oil and gas. But as we transition towards net zero, that will change. By the end of this decade, we expect capital expenditure invested in our transition growth businesses globally to have increased to around 50% of total spend and to have reduced oil and gas production by around 40%3

1This includes a ScotWind lease option, awarded in January 2022.
2By co-processing approved renewable feedstocks alongside the crude oil streams.
3This includes divestments.

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