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bp profits surge as oil and gas prices soar

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Oil giant bp has reported its highest profit for eight years.
bp posted a profit of $12.8bn (€11.2 billion) for 2021, as the oil and gas company reported an update on its strategic transformation.
BP chief executive Bernard Looney said: " “Over the past two years we have set a new purpose, direction and strategy for bp, and completed the largest re-organisation in our history. With this period of change fully behind us, we are now solely focused on driving value through the safe, efficient delivery of our strategy.
“We enter 2022 with growing confidence. The past two years have reinforced our belief in the opportunities that the energy transition presents - to create value for our shareholders and to get to net zero. The need for, and role of, an integrated energy company (IEC) has – to our minds - never been clearer. Underpinning all of this is our steadfast commitment to perform while transforming.”
In resilient hydrocarbons, 11new major projects have begun production since the start of 2020, completing a six-year programme that delivered 35 major projects, on average on schedule and around 15% below budget.
In low carbon energy, bp has quadrupled its renewables development pipeline since the end of 2019, from 6GW to 24.5GW. This includes its entry into offshore wind, now with a pipeline of 5.2GW net, including its recent success in the ScotWind leasing round.