5 August 2020

BP undergoing energy transition

Long famous for its oil and gas activity, international company BP is reshaping its business reducing resource production and increasing other energy options.

Solar panels in the UK
Solar panels in the UK © BP.

The new focus is on becoming an integrated energy company delivering solutions for customers and the intention is to have, within a decade, a portfolio of low carbon technologies, including renewables, bioenergy and early positions in hydrogen and CCUS. By 2030, the company aims to have developed around 50GW of net renewable generating capacity – a 20-fold increase from 2019 – and to have doubled its consumer interactions to 20 million a day.

Oil and gas production is expected to reduce by at least one million barrels of oil equivalent a day, or 40%, from 2019 levels in the same timescale. The remaining hydrocarbon portfolio is expected to be more cost and carbon resilient.