BP has unveiled its new strategy as it moves from an international oil company to an integrated energy company, according to Offshore reports.
Within a decade, the company aims to increase its annual low carbon investment tenfold to around $5 billion a year, with a portfolio of low carbon technologies, including renewables, hydrogen, and CCUS.
By 2030, its target is around 50 GW of net renewable generating capacity – 20 times more than in 2019.
Over the same period, the company expects to cut its oil and gas production by at least 1 MMboe/d to around 1.5 MMboe/d, 40% lower than 2019 levels, with its remaining hydrocarbon portfolio more carbon-resilient.
Emissions from its operations and those associated with the carbon in BP’s upstream oil and gas production should come down respectively by 30-35% and 35-40%.
With hydrocarbons, the company said it would remain focused on safety and operational reliability, at the same time striving to drive capital and cost productivity up and emissions down.
It will seek to complete its current backlog of major projects, lowering capital intensity, and high-grading the portfolio to deliver more competitive production. The company will not seek to explore in countries where it does not already have upstream activities.
BP stressed that Rosneft remains a fundamental part of its broader portfolio providing the company with a strong position in Russia.