Strategic analysis of bp's upstream and low-carbon new energy business
bp presented a radical energy transition strategy in 2020.After the outbreak of the Ukraine issue,it adjusted its energy transition strategy by refocusing its oil and gas business on the one hand and accelerating the pace of energy transition on the other hand.In the upstream business,oil and gas production will grow until 2025,after which it will start to decline,but at a slower rate than originally planned,and continue to expand its size of the LNG resource pool,In the low-carbon new energy business,it will accelerate the pace of energy transition,develop all-round development of bio-energy including biogas and bio-fuels,electric vehicle charging,renewable electricity including offshore wind energy,onshore wind energy,and solar energy as well as hydrogen energy and carbon capture,utilization and storage(CCUS)to achieve multi-energy complementarity.It is recommended that Chinese oil companies continue to increase oil and gas reserves and production,reshape the energy system by first establishing and then breaking,accelerate the energy transition through strategic cooperation with pioneering enterprises in the field,rapidly enter new fields through mergers and acquisitions,accelerate the expansion of offshore wind power,make full use of the technological advantages and experience of developing offshore oil,and facilitate the development of deep-sea floating wind power.
bpcompany strategyupstreamlow-carbon new energyenergy transition
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