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Saturday, 27 April 2024

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bp Transitioning From International Oil Company to Integrated Energy Company

bp is pivoting from an International Oil Company to Integrated Energy Company. To make the transition a reality bp will need to work with innovators and thought leaders in a wide variety of sectors and markets. bp expects to increase the proportion of its capital expenditure on its transition growth engines to be more than 40% by 2025 and around 50% by 2030.
bp Transitioning From International Oil Company to Integrated Energy Company
Image provided by bp as the copyright holder

To drive this transformation bp is focusing on five transition growth engines:

  • Renewables and power – bp aims to have developed 50GW of renewable power to final investment decision by 2030, including a global position in offshore wind and growth of solar joint venture Lightsource bp
  • Convenience  - Redefining the experience of convenience retail, and scaling bp’s presence in growth markets worldwide.
  • EV Charging  - bp aims to increase our charge points from 22,000 today, to more than 100,000 by 2030 - around 90% rapid or ultra-fast.
  • Bioenergy  - bp aims to increase biofuel production to around 100,000 barrels a day by 2030, with a focus on the production of sustainable aviation fuel.
  • Hydrogen  - bp aims to build a leading position globally in hydrogen, initially supplying its own refineries, scaling up to meet growing customer demand and in parallel as markets develop.
The scale of investments bp is looking to make around the world creates a wide variety of opportunities for companies to play a part in the transformation.

To find out more, visit bp Innovation Scouting.
 
(Image provided by bp as the copyright holder. One-time use only within the context of this press release. No archiving, no re-use, no out-of-context use, no syndication/distribution/re-sale permitted.)
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