BP 2011 Annual Report Download - page 40

38 BP Annual Report and Form 20-F 2011
Our strategy: Strategic priorities
Our 10-point plan
Our 10-point plan is how we intend to build a stronger, safer BP. The first five points
are things you can expect from us; the second five are things you can measure.
What you can expect from us
1 We will keep a relentless focus on safety and managing risk
We are determined that BP will deliver world-class performance in safety, risk
management and operational discipline. We will be a company that systematically
applies our global standards as a single team.
2 We will play to our strengths
We have had major successes at finding oil and gas at scale. We are also among
the real pioneers of deepwater exploration. We have decades of experience
managing giant fields and developing valuable gas value chains. We have built
a world-class downstream business. Underpinning these strengths are deep
capabilities in building relationships and in developing technologies.
Left BP moves gas
from 6,000 metres
below the Shah Deniz
field in Azerbaijan to
markets in Western
Europe, 3,000
kilometres away.
Right As part of a
$1.2 billion investment
announced in 2011,
the Kinnoull reservoir,
UK North Sea, will be
connected to BP’s
Andrew platform.
3 We will be stronger and more focused
We intend to be a stronger and more focused BP, with a base of assets that is
high graded and high performing.
4 We will be simpler and more standardized
Our organization is already much more standardized than it was before the
Deepwater Horizon oil spill. The transformation of our Exploration and Production
segment from a regional business to one that is managed along lines of functional
expertise is an example of this. Our footprint is smaller, with fewer assets and
operations in fewer countries. Our internal reward and performance processes are
more streamlined. This should drive better and more sustainable performance in
safety, quality and efficiency, with less variation.
5 We will improve transparency through our reporting
We will improve transparency in the reporting of our business segments. We now
break out the numbers of certain parts of our businesses, such as lubricants and
petrochemicals in the downstream. From the first quarter of 2012, the group’s
investment in TNK-BP will be reported as a separate operating segment.