BP has introduced its new 10-year strategy aimed at pivoting from being an international oil company to an integrated energy company. Within a decade, BP plans to reduce its oil and gas production by at least 1 mb/d from 2019 levels (-40% by 2030). The company will cease exploring for oil and gas in new countries.
Over the same period, BP intends to increase its annual low carbon investment 10-fold to around US$5bn/year, to develop 50 GW of net renewable generating capacity by 2030 (a 20-fold increase from 2019). The group aims to build out an integrated portfolio of low carbon technologies, including renewables, bioenergy, and hydrogen and carbon capture, utilisation and storage (CCUS). Bioenergy production should increase 5-fold from 22,000 bbl/d to more than 100,000 bbl/d, while the share of the hydrogen business should account for 10% of BP's core markets. BP will also focus on electric mobility (from 7,500 electric vehicle charging points to over 70,000 by 2030).
By 2030, BP also aims at cutting emissions from its operations (-30% to -35%) and those associated with the carbon in its upstream oil and gas production (-35% to -40%). The carbon intensity of products sold by the company should also be 15% lower by 2030.