BP Annual Report and Form 20-F 2011 - Company Reporting

Our organization: People and governanceIn detailFor more information oncontractors, see Workingwith partners andcontractors.Page 69Contractors and suppliersLike our peers, BP rarely works in isolation. In 2011, for example, 55% of the374 million hours worked were carried out by contractors. These individuals play animportant role for BP. During the year we initiated a far-reaching review of the waywe work with third parties, particularly those involved in potential high-consequenceactivities. We are now implementing a range of measures based on our findings,with a focus on six key themes: consistent standards and priorities; fewer suppliersto enable deeper, longer-term relationships; detailed and systematic selection ofcontractors; clear and specific contracts; intensive oversight and verification; andassurance that supplier personnel are competent.Our values“Our approach is built on respect, being consistent and having the courage to dothe right thing. We believe success comes from the energy of our people. Wehave a determination to learn and to do things better. We depend upon developingand deploying the best technology, and building long-lasting relationships. We arecommitted to making a real difference in providing the energy the world needstoday, and in the changing world of tomorrow. We are one team – a group of diverseindividuals from around the world united by shared values and a drive to rebuild BP.”These words, taken from the BP code of conduct, capture what we striveto stand for as a company – our renewed values. They are an expression of workdone across BP in 2011 to define and renew our principles and values. This workwas carried out in response to the events of recent years, which have caused usto reflect on what is important and how we do what we do.We launched our renewed values in 2011. They represent the qualities andactions we wish to see in BP, and those that BP already demonstrates when it isat its best. The values are aligned with our code of conduct and are there to guidethe way we do business and the decisions we take, every day. Safety has beenre-emphasized as our number one priority.Left In 2011, we purchased10 blocks in Brazil from DevonEnergy. Here, a worker on theDeep Ocean Clarion movesdrilling pipes on to the rig.Above Technicians on boardthe Jack Ryan drilling ship,Angola. In 2011, BP gainedaccess to five new deepwaterblocks, offshore Angola.32 BP Annual Report and Form 20-F 2011