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BP: from oil to energy

One of the world's largest oil companies, British BP, intends to become a full-fledged electric power corporation. The new strategy of the oil giant suggests an increase in investment in low-carbon energy in the next decade. For comparison, the installed energy capacity of Russia is 246 GW. BP plans to create a comprehensive portfolio of low-carbon technologies, including renewables, bioenergy and hydrogen.

At the same time, the company's oil and gas production will decrease by 1 mln barrels of oil equivalent per day, or 40% of the 2019 level, and emissions from production will decrease by 30-40%.

"For over a century BP has been an international oil company, and now we are going to become an integrated energy company. From a resource-driven company to a company focused on delivering energy solutions to its customers," said Helge Lund, BP Chairman.

In 2030, BP will be a completely different company, the report says. It no longer intends to conduct exploration in new countries. In ten years, the company will produce 1.5 million barrels of oil equivalent per day (2.6 million barrels now) and process 1.2 million barrels per day compared to the current 1.7 million. Production in the bioenergy sector should grow from 20,000 barrels per day to more than 100,000 barrels per day in ten years. The company also intends to occupy 10% of the main markets of the hydrogen sector, increase the number of charging stations for electric cars from 7.5 thousand to more than 70 thousand, and create energy partnerships with 10-15 largest cities of the world. By 2050 BP wants to become a company with zero emissions.

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