BP oil and gas exploration summary

BP has significantly transformed its exploration strategy, moving from a broad-based approach to a more selective, high-grading model. This shift is part of a broader strategic reset involving increased upstream investment, higher oil and gas production targets, and greater capital allocation to exploration. These changes reflect a recalibration of BP’s energy transition strategy, with a renewed focus on generating near-term value from oil and gas. While BP delivered inconsistent value creation over the past decade from conventional exploration, the 2025 giant Bumerangue discovery, the company's largest discovery in 25 years, offset several years of negative value creation. BP’s renewed exploration strategy prioritises advantaged, lower-risk resources with shorter cycle times, aiming to maximise near-term returns while maintaining strategic alignment with its longer-term transition goals.