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August 4 (Renewables Now) - UK oil and gas giant BP Plc (LON:BP) wants to have developed about 50 GW of renewables capacity by 2030, up from 2.5 GW in 2019, as part of a new strategy.
The company presented today a plan to turn into an integrated energy company focused on delivering solutions for customers. Low-carbon investments will play a key role in that, while oil and gas production will be reduced.
“We believe our new strategy provides a comprehensive and coherent approach to turn our net zero ambition into action. This coming decade is critical for the world in the fight against climate change, and to drive the necessary change in global energy systems will require action from everyone,” the company said.
As part of the strategy, BP will aim to boost low-carbon energy investments, including in renewables, hydrogen, bioenergy and carbon capture, utilisation and storage (CCUS), to USD 5 billion (EUR 4.25bn) a year by 2030, from around USD 500 million/year now. Meanwhile, it will cut oil and gas production to around 1.5 million barrels of oil equivalent a day (mmboe/d) from 2.6 mmboe/d in 2019. The company’s refining throughput is seen to fall to 1.2 million barrels a day (mmb/d) from 1.7mmb/d last year.
Other goals set in the strategy include surpassing 70,000 electric vehicle (EV) charging points and doubling global customer interactions to 20 million a day. BP will also lift bioenergy production to over 100,000 barrels a day and pursue energy partnerships with 10-15 major cities and three core industries.
BPs plan is to maintain its annual capital expenditure -- including inorganic investment -- at USD 14 to 16 billion to 2025. It targets USD 25 billion of divestment proceeds in that period. |
