bp supplied 80% more biogas in 2023; produced 18% more

In its 2023 results, global energy conglomerate bp (British Petroleum) revealed advancements in renewables despite a notable decline in full-year profits, which halved to $13.8 billion (€12.8 billion) due to a drop in oil and gas prices and reduced refining profit margins. The energy company highlighted an 80% growth in biogas supply and an 18% surge in biogas production volumes.

Although bp experienced a significant profit downturn, reaching $13.8 billion in 2023 primarily due to lower energy prices, it found resilience in the gas sector, which bolstered its overall performance. bp said that the company’s liquid natural gas (LNG) portfolio expanded from 19 million tonnes per annum (MTPA) to 23 MTPA, and there was an 18% uptick in biofuel production volumes.

Furthermore, the renewables pipeline of bp expanded to 58.3 gigawatts (GW) from 37.2 GW the previous year. Besides biogas, the hydrogen pipeline of bp also showed growth, increasing from 1.8 MTPA in 2022 to 2.9 MTPA in 2023, marking a substantial 61% rise.

“Our destination remains unchanged – from IOC to IEC – focused on growing the value of bp,” said Murray Auchincloss, CEO of bp. “We are confident in our strategy, on delivering as a simpler, more focused and higher-value company, and committed to growing long-term value for our shareholders.”