At the start of 2025, UK energy giant bp announced a radical strategic shift. Under its new “Reset bp” plan, the company will scale back investments in renewables to around $1.5–2 billion annually while increasing spending on oil and gas exploration and production to $10 billion per year.
“In the first half-year of implementing ‘Reset bp,’ we have already achieved quite a lot, starting with an integrated profit of $2.4 billion,” said Michał Obiegała, the newly appointed CEO of bp Poland, during the Economic Forum in Karpacz. “This shift is driven above all by geopolitical changes over the past five years.”
From Transition to Reset
Since 2020, bp had been pursuing a strategy centered on the energy transition. But the COVID-19 pandemic, the war in Ukraine, and global energy security concerns have reshaped the company’s approach.
“The new strategy, in place from 2025, focuses on optimizing operations, reducing costs, and returning to our roots. That means investing $10 billion annually through 2027 in oil and gas upstream projects,” Obiegała explained.
Production in bp’s upstream segment is already exceeding targets, with hydrocarbon output growing about 3% quarter-on-quarter.
“For the first time in years, we increased hydrocarbon production by roughly 3%, reaching an average of 2.3 million barrels of oil equivalent per day. We also achieved the biggest oil discovery in Brazil in 25 years,” noted the bp Poland chief.
Streamlining Downstream
Another priority is the downstream segment (refining and processing), where the focus is on efficiency, competitiveness, and reliability. Refinery availability rose by 3% year-on-year in H1 2025.
The company is also reviewing its global portfolio, divesting less strategic assets. This includes the sale of bp’s service stations in the Netherlands and Austria, as well as its Gelsenkirchen refinery in Germany. A strategic review of Castrol, its lubricants division, is also underway.
“We will still invest in the energy transition, but on a more selective and smaller scale than before,” said Obiegała.
Future investments will focus on biogas, biofuels, and EV charging infrastructure, where bp expects strong demand growth.
“These two seemingly conflicting businesses—hydrocarbons and renewables—can be reconciled. Profitable upstream and downstream operations will serve as the financial engine for energy transition investments,” Obiegała explained.
Poland’s Role in the Strategy
Bp Poland has been designated a key market in implementing the new global strategy.
The company sees steady fuel demand and plans selective expansion of its retail network. It also continues to grow its Castrol lubricants business and strengthen partnerships such as its cooperation with Saudi Aramco on aviation fuel supplies.
“We will keep reinforcing our market position in oil and gas supply to Poland while exploring selective renewable investments, such as EV charging stations and solar energy through Lightsource bp,” said Obiegała.
Navigating Geopolitical Uncertainty
Operating in Poland remains similar to other European markets, but global volatility poses challenges.
“From COVID-19 to the war in Ukraine, energy markets have been shaken. Double-digit inflation in recent years has pushed up costs. That’s why our immediate priority is to optimize operations and ensure every fuel station is profitable. At the same time, we will continue selective investments in the energy transition,” Obiegała emphasized.
