bp and its Contractors drive drilling savings by challenging status quo and implementing innovative commercial models

bp is on a journey to decarbonize and diversify its business. To do so it is important for bp to maintain its prioritized oil and gas activities, which will be the primary source of funding for projects relating to our new aims and ambitions, with less capital investment. bp and its drilling Contractors have leveraged their collaborative relationships to challenge the status quo via implementation of innovative commercial models. In these models, contractors are compensated based on performance rather than inputs which incentivizes increased productivity and reduced cost. When completed successfully, these models result in increased value for both parties.