bp announced progress in renewables in its 2023 results, although its full-year profits halved to $13.8 billion (€12.8 billion) - due to a cooling of oil and gas prices, and a weakening of refining progit margins.
The petrochemical giant reported that its biogas supply grew by 80%, and biogas production volumes leapt by 18%.
bp's liquid natural gas (LNG) portfolio grew from 19 Mtpa to 23 Mtpa.
There was an 18% increase in biofuel production volumes.
Its renewables pipeline grew to 58.3 GW, up from 37.2 GW in the previous year.
Its hydrogen pipeline increased from 1.8 Mtpa in 2022 to 2.9 Mtpa in 2023, representing an increase of 61%.
"Our destination remains unchanged - from IOC to IEC - focused on growing the value of bp," said Murray Auchincloss. "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."
bp’s biogas supply grew by 80% last year
