BP 2011 Annual Report Download - page 30

28 BP Annual Report and Form 20-F 2011
Our organization: Business model
Upstream and midstream – playing to our strengths
Our Exploration and Production segment is responsible for our activities in
oil and natural gas exploration, field development and production; midstream
transportation, storage and processing; and the marketing and trading of natural
gas, including liquefied natural gas, together with power and natural gas liquids.
Our exploration division obtains access to and finds resources at scale in the
world’s key hydrocarbon basins. We are an industry leader in seismic imaging,
a key technology in the identification of potential hydrocarbon resources. Our
developments division develops our hydrocarbon resources, applying effective
project execution and capital efficiency. Our production division then extracts
resources efficiently and maximizes their recovery.
We focus on areas that play to our strengths – deepwater, gas value chains
(including the infrastructure required from field to market) and giant fields. We
are increasing investment with a particular focus on exploration. We actively
manage our portfolio, including divesting assets when we believe they may be
more valuable to others than to ourselves. This allows us to focus our leadership,
technical resources, and organizational capability on the resources we believe are
most likely to flourish in our portfolio.
In 2011, our upstream and midstream activities took place in 30 countries
including Angola, Azerbaijan, Canada, Egypt, Norway, Russia, Trinidad & Tobago
(Trinidad), the UK, the US and other locations within Asia, Australasia, South America,
North Africa and the Middle East. Exploration and Production also includes gas
marketing and trading activities, primarily in Canada, Europe and the US. In Russia,
we have an important associate through our 50% shareholding in TNK-BP, a major oil
company with exploration assets, refineries and other downstream infrastructure.
In detail
For more information on
Exploration and Production,
see BP in more depth.
Page 80
Field of the Future®
Applying real-time
data capabilities to
enable safe and efficient
operations.
Advanced seismic imaging
Locating and accessing
new resource through
industry-leading imaging.
Beyond sand control
Maximizing production
and managing risk from
sand-prone reservoirs.
Well advisor
Delivering safe, reliable
and efficient well
operations through the
integration of real-time
data.
Deepwater facilities
Researching and
engineering advanced
equipment for safer, more
reliable deepwater subsea
systems.
Unconventional gas
Recovering gas from
unconventional rocks using
innovative technologies.
Pushing reservoir limits
Growing recovery factors
to maximize resources
from existing oilfields.
Unconventional oil
Developing new technologies
to recover heavy oil.
Inherently reliable facilities
Managing and reducing
integrity risk.
Upstream technology
flagships