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

Our performance2011 was a year of further stern tests for BP. Ourchallenge was to stabilize the company and meetour commitments in the Gulf of Mexico whilelaying firm foundations for the future.We went into 2011 with a clear set of strategic priorities and determination torebuild the company. Our employees have worked to make BP a safer businessand to earn back trust. We also pushed forward on the journey to grow value overthe short, medium and long term. The key measures in this section show ourprogress in numbers, and here you can also read about some of the significantactions and events that defined our year.Business review: Group overviewLeft The BP-Huskyrefinery in Toledo,Ohio – in operationsince 1919.Right Azeri-Chirag-Guneshli is thelargest oilfield underdevelopment in theAzerbaijan sector ofthe Caspian basin.In detailFor more information,see Safer drilling.Page 66SafetyOur safety and operational risk function (S&OR) is driving the systematic anddisciplined application of global standards in safety and operational risk across thecompany. We recruited 87 new employees into S&OR during the year, taking itstotal headcount to around 600 against a target headcount of 800.During the year, as part of our enhanced focus on safety and operational riskmanagement, we completed a programme of 47 major upstream turnarounds.We set enhanced voluntary standards for how we drill in the Gulf ofMexico, and implemented new global standards in our operations worldwide.For example, in deepwater drilling, where we use drill rigs that are maintained inposition by computer-controlled systems rather than fixed moorings, we requireBP‐contracted drill rigs to have no fewer than two blind shear rams and a casingshear ram a in order to provide additional assurance.We initiated a review of the way we work with contractors and otherindustry partners. Guided by our findings, we have implemented a range of newmeasures, starting with our offshore rigs. We also reviewed and updated oursystem of risk management – see Our management of risk on pages 42-46.And we reviewed and updated our values and behaviours, linked them explicitlyto an enhanced code of conduct and embedded them in our approach to safety,performance management and reward.aShear rams are devices within a blowout preventer designed to cut the drill pipe and seal the well in theevent of a blowout or other operational emergency.BP Annual Report and Form 20-F 2011 47