BP scaling back oil and gas withdrawal, rakes in US$27.7 billion in profits for 2022

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UK supermajor, bp has decided that it will be producing oil and gas longer than it intended to, in direct response to the world’s growing energy needs.

But it is not dialling back on its transition to green energy; bp said it intends to increase its investment in oil and gas and in its “transition growth engines” – bioenergy, hydrogen, renewables, electric vehicle charging and convenience.

Both areas will see an additional investment of US$8 billion of capital through 2030.

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The company also announced record-breaking profits for 2022, ending the year with US$27.7 billion, up from US$12.8 billion last year. Its fourth-quarter earnings stood at US$4.8 billion.

Its Chief Executive Officer (CEO) Bernard Looney said: “It’s clearer than ever after the past three years that the world wants and needs energy that is secure and affordable as well as lower carbon — all three together, what is known as the energy trilemma.

“To tackle that, action is needed to accelerate the transition. And — at the same time — action is needed to make sure that the transition is orderly so that affordable energy keeps flowing where it’s needed today. As an integrated energy company, BP is very deliberately set up to help on both counts. With three years of delivery and track record — we have increased confidence our strategy is working.”

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With the additional investment and bp holding on to its assets for a longer period, it expects its oil and gas production to be around two million barrels per day (bpd) by 2023. This is now a 25% reduction, as opposed to its initially planned 40% reduction.

The company intends to bring five projects on stream this year; another nine expected by 2025 ‘s end. This year, bp said it has diverse project opportunity portfolio in North America, Trinidad and Tobago, Angola and the North Sea, among other areas.

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