BP contributed £1.6billion to the Scottish economy in 2024 and supported around 11,000 jobs across the country, according to new analysis from Oxford Economics.
The global energy giant’s operations in Scotland accounted for 0.83% of Scotland’s gross value added (GVA) – equivalent to £1 in every £120 of the nation’s economic output – and supported one in every 270 Scottish jobs.
The bulk of bp’s direct impact in Scotland came from its continued investment in the North Sea, with £1billion of GVA generated directly and 2,091 employees based north of the border. Most of those roles are located at the company’s North Sea headquarters in Aberdeen, with a further 640 working across its retail operations.
In addition to its direct operations, bp spent £690million with Scottish suppliers in 2024. This supply chain activity supported an estimated £550million in GVA and sustained 8,700 jobs. Around two-thirds of that spend was related to ongoing operations, with 270 suppliers sharing £450million, while a further 95 businesses benefited from £240million in capital expenditure.
Professional services companies – including engineering firms – were the biggest beneficiaries, receiving £290million of BP’s Scottish supply chain spend. The upstream oil and gas sector followed, securing £110million, while manufacturing, transport, and IT services also featured prominently.
Doris Reiter, Senior Vice President North Sea at bp, said: "2024 marked our 60th anniversary in the North Sea – a basin we helped to pioneer. Oil and gas will be needed as part of our energy system for decades to come, and we are continuing our work to deliver energy safely and reliably through our North Sea portfolio.
"I'm proud that the work my North Sea team delivers day in day out continues to contribute significantly to the UK economy. I’d like to thank my colleagues, our suppliers and community partners for their energy and efforts, working with us to make this impact across the UK."
BP’s footprint in Scotland also extends to clean energy development. The firm took a final investment decision in 2024 to proceed with the Aberdeen Hydrogen Hub, a joint venture with Aberdeen City Council that will produce green hydrogen powered by a dedicated solar farm.
The company has also launched a £10million, decade-long Urban Forestry Programme in partnership with Future Woodlands Scotland, aimed at increasing green space in Scottish cities as part of the Morven offshore wind project.
Across the UK as a whole, BP supported £11.6 billion in UK GDP and around 75,000 jobs last year.
Click here to read the full report.