BP to focus exploration on existing basins, not to enter new countries
BAKU, Azerbaijan, Aug.6
By Leman Zeynalova – Trend:
The new strategy will pivot bp from an International Oil Company primarily focused on producing resources to an Integrated Energy Company delivering solutions for customers, BP Azerbaijan told Trend.
“As our CEO Bernard Looney said “bp has been an international oil company for over a century - defined by two core commodities produced by two core businesses. Now we are pivoting to become an integrated energy company - from IOC to IEC. From a company driven by the production of resources to one that’s focused on delivering energy solutions for customers.” We need to start doing this now and we intend to move quickly. Within a decade we expect to be a very different kind of energy company. This is because we believe the energy transition is accelerating and that customers - nations, industrial sectors, companies large and small, and consumers - want bespoke, increasingly low carbon solutions to their energy needs,” the company said.
BP Azerbaijan said that to meet those changing demands and head towards net zero, bp is expected to become a more diversified energy company by 2030, by:
- Making a 20-fold increase in developed net renewable generating capacity--to 50GW.
- And a 10-fold increase in low carbon energy investments – to around $5 billion per annum.
Doubling consumer interactions to 20 million a day.
- Lowering, over time, oil and gas production by at least one million barrels of oil equivalent a day—or 40 percent.
- Focusing oil and gas exploration on our high-performing existing basins and not entering new countries.
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