Gordon Birrell has been appointed Executive Vice President, Upstream, and Richard Harding will serve as interim Executive Vice President, Downstream. Both bring decades of operational experience and leadership to their roles.

A recruitment process is underway to appoint a permanent incumbent to the position of Executive Vice President, Downstream.

"The two-segment model - one focused on resource development and production, and the other on customers and markets - will provide clearer accountability and enable faster, more effective decision-making," bp stated in a press release.

Upstream will bring together bp's oil and gas regions, including exploration, development, and production activities, thereby streamlining how the company finds, develops, and produces the energy the world needs. It will also include bp's upstream joint ventures, as well as its activities in renewable natural gas and CCS (carbon capture and storage).

Downstream will comprise refining, terminals, pipelines, mobility and convenience, biofuels, aviation, hydrogen, and Castrol, aligning how bp manufactures, transports, and sells its products.

Furthermore, the Supply, Trading & Shipping entity will continue to operate across both segments, supporting execution and value creation throughout the integrated system. As a distinctive bp capability, it connects the portfolio, optimizes flows, and generates significant material upside.

Renewable energy activities, notably solar and offshore wind, will be integrated into the technology function, as bp continues to promote a capital-light model in these areas.

The group emphasized that "this organizational change builds on the concrete steps it is taking to simplify its portfolio, reduce costs, maintain rigorous discipline regarding capital expenditure (capex), and strengthen its balance sheet - all in service of growing value and shareholder returns."