BP Chief Financial Officer Murray Auchincloss on Tuesday said the company planned to double its global LNG portfolio to 30 million tons/year by 2030, as part of its strategy on low-carbon energy. BP has pledged to cut upstream production sharply in the coming years, but downstream gas supply will remain an essential part of BP’s new strategy.
According to Auchincloss, BP’s LNG portfolio will increase to 25 million tons/year in 2025 and 30 million tons/year in 2030. It currently stood at around 15 million tons/year consisting of equity and merchant volumes. The company has expanded the share of merchant LNG in its portfolio in recent years. It signed offtake agreements from projects where it has no stake, including a deal to purchase LNG from the Coral LNG facility in Mozambique operated by Italy’s Eni.
Under the new low-carbon strategy, BP will also work in both blue and green hydrogen developments. Giulia Chierchia, BP’s executive VP for strategy and sustainability, said the company would seek early positions in hydrogen and Carbon Capture, Utilization, and Storage (CCUS). BP sees hydrogen and CCUS as critical in achieving net-zero carbon emissions.
