3Q 2023 results: focused on delivery
Release date:
31
October
2023
Our results this quarter show how we are making progress on our strategy to transform from an international oil company to an integrated energy company.
From the expansion of the Tangguh LNG facility in Indonesia to a new deal with Tesla in EV charging, we’re providing oil and gas the world needs today and investing in our transition and the energy transition.
We’ve selected some key highlights below.
Continued focus on delivery
“This has been a solid quarter supported by strong underlying operational performance demonstrating our continued focus on delivery.”
Murray Auchincloss
Chief executive officer, bp
October 2023
Oil and gas
A major expansion of the Tangguh LNG facility in Indonesia is now in operation. The new third liquefaction train increases the facility’s total LNG capacity to 11.4 million tonnes a year. Tangguh is expected to account for more than a third of Indonesian gas production and also has long-term customers in Japan, China and South Korea.
bp is increasing investment in our onshore US oil and gas business, bpx energy. This summer, we completed our second central processing facility, Bingo, after constructing Grand Slam in 2020 – part of our plan to continue increasing bpx production by 30 to 40% by 2025. These facilities are part of our larger electrification effort in the Permian, which is underpinned by our own electric substation buildout – 400MW of nameplate capacity in our portfolio, on our way to 800MW installed by 2025.
Our transition growth engines
The businesses driving our transformation from an international oil company to an integrated energy company
bp’s Archaea Energy has brought online a first-of-its-kind renewable natural gas plant in Medora, Indiana, US. The plant converts landfill gas into RNG for potential use in homes, businesses and transportation. Traditionally, RNG plants have been custom built, but the Archaea Modular Design used in Medora leads to faster builds than previous industry standards. Archaea is a key part of bp’s aim to increase biogas supply volumes by around six times by 2030.
bp is working to boost its EV charging infrastructure across the US with the future purchase of up to $100 million of ultra-fast charging hardware from Tesla. The deal represents the first time Tesla’s chargers will be installed on an independent EV charging network. bp pulse, together with The EV Network, also recently opened the UK’s largest public EV charging hub at the National Exhibition Centre in Birmingham. bp pulse, bp’s EV charging business, has already installed more than 27,000 charge points and aims to roll out more than 100,000 globally by 2030.
bp signed a deal with retailer Auchan to add more than 100 stores to our retail site network in Poland. Expected to be complete by the end of 2025, the expansion builds on bp’s existing convenience partnership with Auchan in Luxembourg. This helps bp’s aim to more than double our strategic convenience sites globally from 1,600 in 2022 to around 3,500 by 2030.
The Midwest Alliance for Clean Hydrogen, of which bp is a member, announced it has been selected by the US Department of Energy to develop a Regional Clean Hydrogen Hub in the US Midwest. A Midwest clean hydrogen hub could help to decarbonize America’s industrial heartland, where there’s a cluster of ‘hard-to-abate’ industries. By 2030, bp aims to produce between 0.5 and 0.7 million tonnes annually of low carbon hydrogen.
bp was successful in bids for two offshore wind sites in Germany, marking its entry into offshore wind in continental Europe. The two North Sea sites have a total potential generating capacity of 4GW. bp will lead the development, construction and operations, and connection to the grid is targeted for end-2030. Renewable power from offshore wind will be able to go towards bp’s green hydrogen and biofuels production, EV charging and refinery decarbonization, as well as wider industry decarbonization in Germany.
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