Energy in focus | Issue 3

Welcome to our third Energy in focus newsletter, your inside track on how bp is delivering energy to the world, today and tomorrow.

Giant fields are the powerhouses of global energy supply. For bp, these vast underground reservoirs holding hundreds of millions, even billions, of barrels of oil and gas are more than just big numbers on a spreadsheet. They are where we have extensive operational expertise solving giant field challenges, and where we have forged strong relationships over decades with some of the world’s biggest energy-producing nations. And, they are where we have tested, proved – and continue to improve – some of our leading production-enhancing innovations.

Take a look at some of the giant fields where we are helping to meet growing demand for energy and, at the same time, grow long-term value for shareholders.

Our explorers are having an exceptional year, making 10 discoveries so far, including Bumerangue in Brazil, our biggest oil and gas discovery in 25 years.

These discoveries are part of a wave of progress that includes five of 10 major projects planned for between 2025 and 2027 already onstream and producing new barrels of oil and gas. Our most recent was in the Gulf of America, where our Argos Southwest Extension project delivered its first oil in August. What's more, our oil and gas production was up around 3%, quarter on quarter, in our 2Q results.

Want to see what else is taking shape? Explore our strategy hub.

bp is delivering operationally and strategically, reports our CEO Murray Auchincloss. Speaking on the day bp shared its financial results for the second quarter, he told Energy in focus:

"We're growing the upstream and focusing the downstream like we said we would, and reliability is running above 96% for both. In fact, we had our best quarter for refining availability in almost 15 years.

"With our customers business (which includes mobility & convenience, EV charging, bioenergy and aviation), earnings are up around 50% year on year, and in trading, our teams performed well in volatile conditions."

Read the full interview here.

Albert Manifold joined bp's board on 1 September and will take over as chair on 1 October.

Albert delivered 'superior growth and performance' during his 10 years as CEO of global building materials group CRH up to December 2024. He is a non-executive director at LyondellBasell and Mercury Engineering.

Announcing the appointment, senior independent director Dame Amanda Blanc highlighted Albert's "relentless focus on performance which is well suited to bp's needs now and into the future." She also thanked current chair Helge Lund on behalf of the company for seven years of invaluable leadership and dedicated service to bp through a period of immense change.

Read more about Albert and this key appointment here.

Innovative deals and divestments are key parts of how we're reshaping bp's portfolio. JERA Nex bp has now launched, creating one of the world's leading offshore wind energy companies. It's a 50:50 joint venture between bp and JERA that allows bp to optimize and decapitalize our low carbon energy portfolio while maintaining options for creating value from it. You can read more here.

We have also reached agreements on the sales of our US onshore wind and Netherlands mobility & convenience and bp pulse businesses. These two deals contribute to nearly $3 billion so far this year of expected proceeds from completed or announced divestments.

Thank you for reading issue 3 of Energy in focus. Subscribe below to keep up to date with how we are delivering our strategy.