BP undergoing energy transition
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.