BP oil and gas exploration summary

BP has dramatically transformed its exploration strategy over the last decade – from aiming to renew its resources entirely through exploration in 2010, to a reduced emphasis on exploration. BP's overall corporate strategy will fast-track its transition from an International Oil Company (IOC) to an Integrated Energy Company (IEC). By 2030, the Major will be an entirely different company. BP is not abandoning investment in oil and gas; rather, it will maintain its commitment by continuing to invest in growth projects and ongoing exploration within its current operational regions. This corresponds to annual E&A spend tapering off to US$350 to US$500 million by 2025. To achieve this, BP will continue to high-grade its portfolio, targeting only the most attractive opportunities in countries where it already operates. This is in keeping with the company's clear intention to focus on cycle time: allocating capital for paybacks of less than ten years for oil and less than 15 years for gas.