bp's Impact on the UK Economy in 2023
Total Economic Impact
- Contribution to UK GDP: £17.1 billion (equivalent to 0.64% of UK GDP)
- Jobs Supported: 81,000 jobs (one in every 410 UK jobs)
- Spending with Suppliers: £5.3 billion spent with over 2,600 suppliers of operational goods and services, and over 540 suppliers of capital goods and services.
Direct Economic Impact
- Gross Value Added (GVA): £12 billion (or £1 in every £220 of UK GDP)
- Employment: 16,049 people employed in the UK
- Taxes Collected and Paid: £4.3 billion in taxes paid to the UK government
Indirect Economic Impact
- Operational Spend: Money spent with UK suppliers who employ staff and generate GDP and pay taxes.
- Capital Expenditure: Additional UK suppliers benefited from capital investments, generating more jobs, GDP, and tax.
Key Areas of Contribution
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Oil and Gas Production:
- Produced over 59 million barrels of oil equivalent (mmboe) from North Sea operated facilities.
- Launched the Seagull field, the first tieback to the ETAP facility in over 20 years.
- Reduced scope 1 and 2 emissions by 33% since 2019.
- Deployed methane measurement across major operated offshore oil and gas assets in the UK.
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Retail Operations:
- Expanded the retail network, including new hubs dedicated to supporting the transition to electric vehicles (EVs).
- Built one of the UK's largest public charging hubs at the NEC campus in Birmingham.
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Low-Carbon and Renewable Energy:
- Invested in lower carbon and renewable energy projects, including expanding the EV charging network through bp pulse.
- Progressing plans for new offshore wind, solar, hydrogen, and carbon capture projects.
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Community and Social Impact:
- Donated £16 million to support vulnerable communities during the cost-of-living crisis.
- Supported over 55,000 young people through work experience programs.
- Provided free STEM education resources to around 380,000 students.
- Embarked on the bp-funded Clean Energy Technician Scholarship programme, training 20 young people in clean energy technologies.
Conclusion
bp has been a significant contributor to the UK economy for over 100 years, supporting economic growth, creating jobs, and investing in the country's energy infrastructure. The company continues to adapt to the evolving energy landscape by investing in low-carbon and renewable energy solutions while maintaining its commitment to responsible business practices and community engagement.