2022 Feb 8 – BP Strategic Update Release here
“In resilient hydrocarbons, eleven new major projects have begun production since the start of 2020, completing a six-year programme that delivered 35 major projects, on average on schedule and around 15% below budget.
bp now expects to sustain EBITDA from resilient hydrocarbons at around $33 billion a year to 2025 and aims to maintain it in a $30-35 billion range to 20301, even while oil and gas production is expected to decline 40% from 2019 levels by 2030. bp plans to deliver this through a continued focus on costs and performance, and disciplined investment in high margin opportunities, while also continuing to focus and high-grade its portfolio.
As the world seeks lower carbon fuels, bp sees clear opportunities to leverage its portfolio of assets and customer base – hence bioenergy is one of bp’s transition growth engines. This includes biofuels, including sustainable aviation fuel, and biogas. Building on its refinery footprint, bp anticipates investing in five major biofuels projects, including the conversion of up to two refineries. It also sees opportunity for considerable growth in biogas in the US, Europe and UK.”