BP : From oil and gas to offshore wind and beyond

From oil and gas to offshore wind and beyond

Release date:

30 August 2022

Matthias Bausenwein, SVP offshore wind ONS conference, Stavanger

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Introduction

Thank you, Knut [Erik Steen] for the introduction.

My name is Matthias Bausenwein.

I lead bp's offshore wind business.

This is just week 3 for me in the job.

I'm new to bp.

So, I don't have all the answers.

That's one 'don't' in this session on dos and don'ts.

There are, however, a few things I do already know.

I do know how serious we - at bp - are about our trajectory towards net zero.

And about offshore wind.

How positive our people are about its role in the energy system.

And how determined we are to make a success of it.

I do also know the fantastic potential bp sees in the Norwegian North Sea.

And the ambition of this great nation to maximise this potential.

That's why I simply had to be here today.

And I thank you for the invitation.

There is something else I do know.

When you think of offshore wind you probably don't think of bp. Not yet.

With us, you may think of oil and gas.

Much like Norway.

And the North Sea.

But we're changing.

Like Norway is.

By providing the world with the hydrocarbons it needs.

With lower emissions.

And at the same time, helping the world transition.

Our relationship with this great country goes back a century.

To the 1920s.

bp and the energy trilemma

But the world is a very different place now, of course.

A confluence of events.

Russia's act of aggression in Ukraine, first and foremost.

The post-pandemic bounce back.

And extreme weather.

Have all destabilised the energy system.

So, more than ever, the world needs 3 things.

1. Energy that is secure.
2. Energy that is affordable.
3. And energy that is low carbon.

bp wants to play its part in solving the trilemma.

So, we are reimagining energy.

And reinventing our company.

To play that part.

We are transitioning from an international oil company - an IOC.

One traditionally focused on the production of resources.

To an integrated energy company - an IEC.

One that delivers a variety of solutions for customers.

To us, integration means providing a mix of energies.

Resilient and focused hydrocarbons, renewables, hydrogen, and so on.

And it means knitting together different forms of energy too.

I'll explain more about that in a moment.

Serious about offshore wind

Going big on offshore wind is key to our plans as an IEC.

In just 2 years we've gone from a pipeline of zero to more than 10GW, working with our partners.

That's enough to power a city the size of Stavanger 30 times over.

It's true that we don't have a big history in offshore wind.

And we don't underestimate the specifics of offshore wind environments.

That's two don'ts.

We do have something else though.

We can of course leverage bags of experience executing large civil engineering projects.

Safely.

To time.

And on budget.

We do know how to work in challenging offshore environments.

How to put together complex supply chains.

Work closely with local partners and governments.

And operate sustainably within communities.

Not just in a handful of locations.

All around the world.

Day in, day out.

365 days of the year.

But at the same time, we are conscious that we need to go the extra mile to set ourselves up for success in offshore wind.

This is why we are building a strong team.

And are recruiting offshore wind talent to further strengthen the team.

Where needed we work with strong partners, like here in Norway.

Committed to Norway

After all, it is here where some of the best opportunities for offshore wind can be found.

You have an ambitious government committed to low carbon energy.

The country is a great place to do business.

And is therefore an attractive destination for investment.

And then you have fantastic companies.

Like our partner Aker Offshore Wind.

And it's great to have Stephen [Bull] from the wider Aker family here on the panel.

And Statkraft.

These are two cornerstones of Norwegian energy production over many decades.

Both with a long track record of success.

Excited for SNII

That's why we're especially excited about the potential for the Sørlige Nordsjø II project.

To work with Aker Offshore Wind and Statkraft on this.

Sørlige Nordsjø II offers so much potential.

It has:

• World-class windspeeds.
• The right regulations in place for growth.
• An ideal location for several markets in the future.
  

It's so perfectly located that it could be the very centre of the North Sea wind build-out.

It will supply energy to Norway.

And, over time, to nearby markets as well.

That's what bp, and the consortium can help bring to fruition.

But there's something else too.

Opportunities to integrate

Offshore wind can catalyse integrated energy systems.

Working in tandem with other energy sources.

Therefore, providing more solutions for customers.

All in service of helping to provide the secure, affordable and low carbon energy they need.

This is something that plays into bp's strengths.

Something bp is already doing.

Our successful bid with EnBW earlier this year is a case in point.

Together we are building a huge offshore wind project off the coast of Scotland.

But that's just one part of the story.

Connected to this we plan to expand electric vehicle charging in the country.

And produce green hydrogen too.

Creating many jobs in the process.

And these are jobs in high demand.

We recently advertised 200 new UK roles in offshore wind but also in hydrogen.

More than 10,000 people applied for them.

Many of those people were oil and gas workers.

They - like - us, know many of their skills can be transferable.

And we need them.

To work on those big complex projects I previously described.

We plan to do similar in the Netherlands.

We've bid for two offshore wind permits.

With a focus on creating an integrated energy system.

To support the decarbonisation goals of the Rotterdam region.

And the country more widely.

If successful, we will take the wind from offshore.

We will use it to produce green hydrogen.

And that hydrogen will be used for sustainable aviation fuels.

And for heavy-duty transport.

We will also take this wind-to-wheel concept directly to Dutch motorists.

Using the electricity generated offshore to power our EV charging hubs.

This type of project is exactly what we mean when we talk about bp as an integrated energy company.

Bringing the best of bp

That's the journey we're on.

From oil and gas to offshore wind.

And beyond.

I see bp as the perfect place to be for integrated energy solutions.

A company that can make a big impact on the energy transition.

By bringing the best of what bp has to offer.

To society.

To industry.

And to end customers.

Now, I've covered a few dos and don'ts.

I do hope that you see how committed bp is to offshore wind.

How much we do value this country.

And how offshore wind can act as a catalyst for integrated energy systems.

I find that exciting.

I know bp will play a big role.

And that's why I joined the company.

Thank you for your interest.

I'm delighted to be here today.

Also on bp.com

Board and leadership team

bp Annual Report

Our transformation