BP is firmly back in growth mode. Two years of bold, countercyclical business development – project sanctions, discovered resource access, M&A – has left the company with more production under development than any other Major. And as a measure of confidence in its portfolio, BP has gone further than its peers in committing to aggressive growth targets: 5% CAGR to 2021, which, if delivered, would push production to record levels. But while the emphasis is on volume growth, BP has stressed that it will not sacrifice capital discipline and returns. On the contrary, the company expects new projects to deliver better margins than its legacy position, and has been refreshingly transparent on its strict investment criteria.