BP 2015 Annual Report Download - page 9

Rosneft is Russia’s largest oil company
and the world’s largest publicly traded
oil company in terms of hydrocarbon
production. BP’s 19.75% share of Rosneft’s
proved reserves – on an SEC basis – is
5 billion barrels of oil and 11 trillion cubic
feet of gas. Rosneft’s downstream
operations include interests in 15 refineries.
BP has been operating in the North Sea for
many decades, where we remain a major player
thanks to our large asset base in the area. We
have two major projects under way in the UK:
Quad 204 and Clair Ridge. Our activities cover
the entire industry life cycle, from access and
exploration to production and decommissioning.
We manufacture petrochemicals products
across 17 sites and sell them in more than 40
countries. Our proprietary technologies are
one of the business’s distinctive sources of
competitive advantage and support the
development of our licensing business.
Petrochemicals
Azerbaijan RosneftNorth Sea
We have interests in eight major deepwater
licences offshore, and operate four of these.
In 2015 19% of our total net oil production
worldwide (excluding Rosneft) came from
Angola.
Angola
We are a significant investor in Azerbaijan, with
two major production-sharing agreements★and
seven platforms in the country, as well as
interests in other exploration leases. The Caspian
Sea is one of the world’s major hydrocarbon
provinces, and development of the region’s
offshore oil and gas fields and onshore pipelines
has made Azerbaijan a focal point of the global
energy market.
We market lubricants and related products
and services in approximately 75 countries
through direct sales and/or locally approved
distributors. We leverage brand, technology
and relationships, focusing our resources on
core and growing markets. Our Castrol, BP
and Aral brands are recognized for innovation
and high performance.
Lubricants
★ Defined on page 256.BP Annual Report and Form 20-F 2015 5
Strategic report