Supermajor BP (LON:BP) contributed £17.1bn to the UK economy in 2023 according to a new report by Oxford Economics.
The company’s 2023 UK Economic Impact Report showed BP supported approximately 81,000 jobs across the country, including around 16,000 directly employees.
In Scotland, the report found BP contributed £2.2bn in gross value add to the economy and supported around 11,000 jobs including around 2,100 BP employees.
BP spent close to £5.3bn with around 3,100 suppliers across the UK, with around £720m spent in Scotland.
BP said it plans to invest up to £18bn in the UK energy system by the end of 2030, including expanding its electric vehicle charging network.
The firm is also developing new offshore wind, solar, hydrogen and carbon capture projects.
In total, BP paid £1.9bn in taxes in 2023, including £626m as part of the Energy Profits Levy windfall tax.
North Sea operations
BP produced 59 million barrels of oil equivalent from its North Sea operated facilities in 2023.
This included the start up of production from the Seagull field, as well as progress on its Murlach development and a new gas pipeline on Shetland.
BP North Sea senior vice president Doris Reiter said the company’s legacy in the region “provides the foundations from which a successful energy transition can be delivered”.
© Supplied by BP“I’m seeing it already in our North Sea headquarters in Aberdeen where teams supporting our oil and gas business now work alongside colleagues involved in offshore wind, hydrogen and CCS projects,” Ms Reiter said.
Responding to the report, Aberdeen Grampian Chamber of Commerce policy director Ryan Crighton said it is “essential reading” for UK politicians in the lead up to the election.
Mr Crighton said major energy companies have “unfairly been framed as a problem for the UK, rather than the solution to some of our biggest challenges”.
“Companies like BP make an enormous contribution to the UK economy, as is evidence by this research,” he said.
“For every person it directly employs in Scotland, the company supports another four jobs in the supply chain.
“Protecting that supply chain should be a top priority for all parties as we enter this key moment in the energy transition – and to do that, our policy makers need to work in partnership with the companies, like BP, which are bringing forward the investment we need to get to net zero.”
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