BP 2011 Annual Report Download - page 28
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26 BP Annual Report and Form 20-F 2011
Value creation in our industry
BP’s core activities are similar to those carried out by other global, integrated, oil
and gas companies.
First, we acquire the rights to explore for oil and gas. When we are
successful in finding hydrocarbon resources, we create value by seeking to
develop them into proved reserves or by selling them on if they do not fit with
our strategic objectives. We often work with partners to mitigate risk or gain from
complementary skills. Through disciplined execution of capital projects we then
develop, extract and sell the resources. The benefits are shared with governments
and other partners.
We move oil and gas through pipelines and by ship, truck and rail. We use
our skills and knowledge to find the best routes to deliver supplies to the most
attractive markets.
We manufacture fuels and products, creating value by seeking to operate a
high-quality portfolio of well-located assets safely, reliably and efficiently. We use
our sales and marketing skills to add value to our fuels and other products.
And we also invest in renewable energy sources, with a focus on biofuels
and wind.
3
Integrated model
Finding oil
and gas 1
Selling fuels
and products 5
Investing in
renewable energy 6
Making fuels
and products
4
Moving oil
and gas
Developing
and extracting
oil and gas
2
Our organization: Business model