Panel Discussion
3rd International Conference on Fuel Ammonia

Masaki Okada
Representative Director Chairman & President
BP Japan K.K.

29th September, 2023

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BP plc 20[23]Confidential

Transforming to an integrated energy company(1)

Resilienthydrocarbons

Convenienceand mobility• Oil and gas• Retail fuels• Refining• Castrol, aviation,
B2B/midstream• Bioenergy1• Convenience• Hydrogen• EV Charging• Renewables & Power

Bioenergy includes biofuels marketing reported in convenience and mobility

Confidential

Low carbon
energy3Investing more to accelerate our transition growth engines
2023-30 cumulative capex*

Returns and EBITDA*

EBITDA $bn

Bioenergy

2

Increased from >$10bn

Hydrogen andRenewables &Power

Convenience andEV Charging

Up toincremental investment
(1)
(2)
(3)

3

Expected return (IRR)
2030 EBITDA aim at $70/bbl 2021 real and bp planning assumptions, and at the upper end of the relevant capex range
Renewables
Confidential

FY & 4Q 2022 financial results & update on strategic progress

4

Global hydrogen activity

Aberdeen
Aberdeen CityCouncil partnership

H-vision - Netherlands
750-1,500 MW blue hydrogen

H2Teesside - UKH2-Fifty - Netherlands

1GW blue hydrogenproduction facility

Partnered with HyCC to produce 250MW greenhydrogen for the bp Rotterdam refinery

US Pacific NW
Decarbonising
Cherry Point
Refinery

Wilhelmshaven Hydrogen Hub- Germany

HyGreen Teesside - UK

130,000t of low-carbon hydrogen from green
Ammonia

80-500MWe green hydrogen

Lingen Green Hydrogen - Germany
100 MW green hydrogen at bp’s
Lingen refinery

US MidWest
Decarbonising
Whiting
RefinerygH2 Castellon - Spain
25-200 MW green hydrogen

Oman – Wind, Solar and Hydrogen
bp, Iberdrola strategic
collaboration, Iberia
USGCLinde Partnership. Project for
up to 20mtpa CO2 storage

Mauritania
MoU with thegovernment ofMauritania, exploringlarge-scale greenhydrogenPartnership with government focused on large
scale wind and solar locations

Egypt
MoU with thegovernment ofEgypt, exploringlarge-scale greenhydrogenbp, ADNOC, Masdar
partnership - UAE

Potential to develop 5,000MW of electrolysis

Strategic partnershipwith ADNOC & Masdar

Kwinana hydrogen hub - Australia
At least 75MW green hydrogen, including
storage, compression and truck loading
facilities

Indicative capacities accurate as of November 2022, projects dependent on positive FID

Project GERI - Australia

Confidential

Australian Renewable Energy
Hub - Australia
14,000MW electrolysis potential

Hydrogen will play a key role across applications inindustry, transportation and energy
Hydrogen demand by sector
Mtpa
500
450
400
350

2%

2%

3%

Feedstocks (grey H2)Feedstocks (low carbon)
Industry
TransportBuildings
Power
Heating

Hydrogen demand for hydrogen-based fuels
6%

10%
460

Mtpa

250

11%

Road and rail (pure hydrogen)Aviation (hydrogen-derived fuel)

200
302

300

Marine (hydrogen-derived fuels)

194

Heavy road (hydrogen-derived fuels) Heat generation:‒ High-grade heat in industry, hard

1001506710491

hydrogen (refining, ammonia,methanol etc.)
replacing coke

106200 H2 as feedstock:‒ Transition from grey to clean‒ DRI as a new application

150

250

1005%

Demand could increase by ~7x by
2050 with low-carbon hydrogen
expected to represent ~96% (Acc),driven by adoption in:to electrify, replacing coal, oil,and natural gas

50‒ Decentralized residential

50

heating, replacing natural gas

002019Accelerated

Net Zero2030

Source: bp Energy Outlook 2023

AcceleratedNet Zero

Accelerated

Net Zero
2050

2050
x%

H2 demand as % of total final consumptiuon
of energy across all sectors / transport Transportation: HD and longdistance like trucks, marine,
aviation, replacing diesel, gasoline,
kerosene, HFO

 Power: Renewables firming,seasonal storage, arbitrage