bp in Europe
bp has been part of people’s lives in Europe for over 100 years. We employ over 16,000 people across our refineries, terminals, retail stations, production and R&D sites
Performing while transforming
Globally, we see incredible growth potential in low carbon energy and have increased our capital spend on non-oil and gas activity, which includes our low carbon and other transition growth businesses, from around 3% in 2019 to around 30% in 2022. We expect to invest more than 40% of our capital expenditure in transition growth engines by 2025 and around 50% by 2030.
We allocate our capital competitively and Europe is an important market for bp. We see strong potential for future investments into the region. In Spain, for example, bp recently announced plans to invest, subject to regulatory support and funding, up to €3bn over the course of this decade – and in Germany, this figure is planned to reach up to €10 bn over the same time horizon.
These investments in the European energy system will help provide the energy Europe needs today – predominantly oil and gas – and contribute to the energy transition by working to develop and scale lower carbon forms of energy for the future.
Refining in Europe
Refineries have served communities, supplied industries, and powered economies for more than a century – transforming as the energy system has changed. As societies transition towards a lower-carbon future, refineries have an opportunity to play an important role – helping provide the energy solutions for tomorrow while meeting the demands of today. Transforming to produce not only traditional energy products, but becoming integrated energy hubs, capable of producing lower carbon products such as biofuels, as well as green and blue hydrogen.
The future of refining is change
Do you want to know more about the different pathways for the transformation of a conventional refinery into an integrated energy hub?
Have a look at this educational leaflet.
Disclaimer: This is purely an educational document. It is not intent to infer any statement about bp strategy or plans for any specific refinery. It just describes how refineries could evolve given the right regulatory environment and product demand.
The integrated energy hub, a cornerstone of bp's future:
Our refineries build on more than 100 years of operational expertise and innovation, and now they're also leading bp into the future. As societies choose to decarbonize, we're reimagining our business to meet the world's changing demand for energy and products.
Find out how refineries are transforming into integrated energy hubs, with expanded lower carbon solutions to adapt to changing customer demands.
Our impact in Europe
The Economic Impact Report, which we have commissioned by Oxford Economics, clearly illustrates our economic impact in the European Union today. We contributed about €12 billion to the gross domestic product of the European Union, we paid and collected €13.9 billion in taxes ourselves and stimulated a further €3.8 billion in tax payments along the supply chain. We employ over 16,000 people across the continent. And our supply chain spending supported an additional 115,000 jobs and benefited many businesses, too.
