Our transformation

bp ventures invests in companies that align with bp’s ambition to be net zero by 2050 or sooner, including our $6 million investment in all-electric ride-hailing business Freebee to boost its development capacity and grow the team, helping to scale the business.

The service is available in more than 25 municipalities and campuses in Florida and Virginia and is targeting expansion into 7 cities in the two states by 2023. The expansion is expected to help the business move over 1 million riders by the end of the year.

The agreement also involves the management of Hertz’s charging infrastructure by bp pulse and the customization of its Omega software to ensure Hertz’s growing fleet of electric rental cars are recharged quickly and efficiently between rentals. Omega supports fleet operations by automating charging when the power price is low, while providing real-time visibility to EVs, chargers, power usage, and more.

To achieve our potential, we need to radically transform the way we do things – looking at technologies to help us reduce or capture emissions from ourselves or local industry, considering new, sustainable inputs like bioenergy, and embracing emissions-free power to run our operations.

Aerial shot of our Mehoopany wind farm in Pennsylvania. This 9,000-acre farm can generate enough electricity to power approximately 38,000 homes.

View of multiple turbines at our Goshen wind farm in Idaho, which can generate enough electricity to power approximately 33,000 homes.

A view of our expansive Fowler Ridge wind farm in Indiana. This sprawling 42,000-acre site can generate enough electricity to power approximately 160,000 homes.

• Biogas growth supports both customer decarbonization goals and bp’s aim to reduce carbon intensity of energy products it sells

• Builds on bp’s existing biogas business – expanding in the US, a key fast-growing geography for biogas
• Expect additional distinctive value through integration with bp’s trading capabilities and global customer relationships

Our Gulf of Mexico business exemplifies this approach by producing oil and natural gas and extending the life of existing assets. We currently operate four deepwater production platforms in the region – Atlantis, Mad Dog, Na Kika and Thunder Horse.

• We are deploying innovative methane monitoring, including: handheld digital gas imaging, fixed-wind aerial surveys, drones and satellites.

• bpx achieved its goal of electrifying 95% of wells in the Permian to reduce operational emissions.

• By the end of 2025, we plan to invest $1.3 billion to build three new centralized delivery systems to further lower emissions in our own operations.

Our new well sites not only require no compression, but there are no tanks, no flares, and no oil trucks needed. This is because the oil and gas flows directly through underground pipes to a central delivery site.

That means…

…taking major steps to accelerate EV fleet charging

…serving more than 3 million customers daily across 35 states

That means…

…rapidly scaling renewables like solar and offshore wind

…expanding into carbon capture, use, and storage and low carbon hydrogen production

Juliet Solar

Juliet Solar, a 101 megawatt (MW) solar facility on approximately 670 acres of land in Wood County, Ohio. Once complete, the project is expected to generate approximately 212,000 megawatt-hours (MWh) of electricity each year and contribute approximately $890,000 into the tax base annually.

Cepheus Solar

Cepheus Solar, a 68 megawatt (MW) solar facility in Delaware Township within Defiance County, Ohio is expected to add $20 million in revenue to the tax base over the life of the project, with approximately $10 million expected to be paid to the Fairview Local School District.

Arche Solar

Our Arche Solar project, located in Fulton County, Ohio, began delivering power to its customer in the first quarter of 2024. bp secured a power purchase agreement with Meta for the 134-megawatt solar farm, which has potential to generate enough low carbon energy annually to power the equivalent of more than 20,000 US homes. Arche is expected to provide more than $30 million in revenue to benefit local public services over the life of the project.

We’re modernizing our well sites to curb emissions by reducing and ultimately eliminating compression, tanks, flares and oil trucks. Just secure, affordable and lower carbon energy.

• We are testing and deploying innovative methane monitoring, including: fixed-wing aerial surveys, drones, continuous monitors and satellites.
• bpx achieved its goal of electrifying 95% of wells in the Permian to reduce operational emissions.