LONDON — bp will invest on average up to $1 billion per year in new oil and gas projects through 2030, the company said in its latest results statement.
Its planned incremental investments through 2025 will target shorter-term, fast-payback projects, with minimal new infrastructure. And following improvements in operational reliability and commerciality over the past four years, it now anticipates retaining some oil and gas assets longer than previously expected.
CEO Bernard Looney said, “We need continuing near-term investment into today’s energy system—which depends on oil and gas—to meet today’s demands and to make sure the [energy] transition is an orderly one. We have high-quality options throughout our portfolio, allowing us to choose only the best. We will prioritize projects where we can deliver quickly, at low cost, using our existing infrastructure…”
For 2025, bp forecasts global oil and gas production of about 2.3 MMboe/d, slipping to about 2 MMboe/d in 2030. That rate would be 25% lower than bp’s production in 2019 (excluding contributions from Rosneft in Russia).
And the company is targeting a 20-30% reduction in emissions from the carbon in its oil and gas production in 2030 compared to a 2019 baseline, which is lower than the previous target of 35-40%.