Venturing & Low-Carbon is the third pillar of BP’s strategy as announced in February 2017.
Venturing is integral to enriching BP’s Innovation landscape. BP Ventures has a track record of investing in disruptive innovation, creating value for BP across dynamic markets. Since 2007 Ventures will have invested over $400m in > 40 entities, co-investing with more than 200 corporate and institutional venture capital groups.
In 2017 alone, we invested ~$100m, and have invested in 10 new deals across the last 2 years. As of 2018, we have access to an annual $200m per year capital pool.
Our investments span both the core BP and new energy frontier areas – broad sectors, covering a range of areas that are strategic to BP. These are:
- Core: Oil and gas technologies & Downstream Technologies
- New Energy Frontiers: Advanced Mobility, Digital Technologies, Bio-products, Low carbon power & energy storage
By partnering with early- and growth-stage start-ups and the venture capital and corporate venture capital community, the BP Ventures team accelerates the development of accretive and disruptive technologies for BP. The Ventures team operates in highly dynamic internal and external markets, building and shaping options to create enhanced strategic and financial value for BP.
The team’s objectives include:
1. Creating strategic options to access & deploy new technologies, business models and partners ahead of the competition, for possible scaling up in the future.
2. Delivering competitive financial returns and enhancing the financial value of BP’s R&D investments through incubation.
BP Ventures is looking to hire a Venture Principal (Commercial) to lead the execution of deals in Europe & Asia and to support and lead the team around commercial/financial modelling. This exciting role will require a mix of financial, technical and commercial skills as well as deep knowledge of venture capital deal terms and structures.
This role is a key role within the team. Successful candidate will be considered as part of the succession planning for future Managing Director positions and wider positions in BP.
This is an exciting opportunity in our Ventures Team, this role focuses on leading at a senior level on deal origination, negotiation and board management on a global portfolio. You will be at the forefront of leading deal activity in line with supporting the BP Venturing team strategy.
If you are looking for a challenging role which will offer you the opportunity to use your innovative creative deal structuring skills and experience, BP could be the right company for you. Your previous experience will be fully utilized in this role, as you drive ventures in our team. You will have all the tools and support to help you create value and investments.
With fantastic career development opportunities once you have established yourself in this role, BP Ventures offers individuals the ability to become world class in the Venturing space on a global level.
- Scanning and Deal origination: The Venture Principal will be expected to attend conferences and network with the VC community to identify deal flow strategic to BP, especially in new areas such as low-carbon power, fintech, & digital.
- Deal Structuring, Negotiation, and Execution:
- Lead on all aspects of deal execution & project management of ‘own deals’. Lead on commercial/financial modelling of all deals in Europe/Asia. Support Europe & Asia team members on the commercial aspects of deals in the development of IATN (Information Memo), ATN (Authority to Negotiate), and EFMs (Execute Finance Memorandum), peer review materials and materials for investment committee for deals in which Venture Principal is either supporting or leading on.
- Portfolio Management: Venture Principal will support Managing Director Europe & Asia in managing a portfolio of investments by sitting on 2+ board seats that can grow up to 5 over time.
- Deployment: Venture Principal will support in the creation of strategic value to BP by engaging with the internal BP network to deploy portfolio company technologies in BP
- Exit Management: Lead on exits of non-strategic investments. Will support and help deliver financial value to BP by engaging with the BP shareholder representative in liquidation events such as M&A and IPO and
- Provides input to the creation of the over-arching strategic direction of the BP Ventures Team at a BU level, and within BP more broadly.
- Drives Continuous Improvement Practices, benchmarking and longer-term planning. Leads the lessons learned process at the conclusion of each investment
- Drive and embed HSSE culture and behaviour in region and more broadly across the team.
- Ensure all activities conducted in accordance with BP’s Code of Conduct
Essential experience and job requirements
- Required: Previous negotiation experience specific to venture capital. Deep expertise in venture equity term sheet deal terms and structures. Must have led multiple ventures deals as deal lead in the past.
- Required: Demonstrated track record of negotiating complex multi-stakeholder deals
- Required: Portfolio management – Candidate must have experience sitting on private company boards for a number of years.
- Required: Strong Financial skills, including financial modelling. With preference to expertise in modelling specific to venture capital.
- Preferred candidate will have experience & networks in Venture Capital in Europe and/or Asia
- Knowledge and previous experience in the energy sector is not a requirement for the role. Interested in applicants that have experiences in Digital, Fintech, Bio, Low-Carbon Power, and other areas
- A strong team player able to interact with key players across the BP Group and within Group Technology & Business Development GT.
- An entrepreneurial flair and a track record of working outside of traditional boundaries and norms.
- Ability to work to tight deadlines and respond to changing requirements
- Ability to work in an uncertain and ambiguous business environment with few precedents
- Manages several activity streams with conflicting priorities.
- Good presentation skills and ability to communicate complex data effectively
- The ability to communicate strategic clarity.
- Willingness to challenge and question the status quo and have fun!
Desirable criteria and qualifications
Relevant skills and experience
Other Requirements (e.g. Travel, Location)
There are no additional requirements. Please respond with N/A below.
Our business is the exploration, production, refining, trading and distribution of energy. This is what we do, and we do it on a truly global scale. BP operates with business activities and customers in more than 80 countries across six continents. Every day, we serve millions of customers around the world. We are continually looking for talented, committed and ambitious people to help us shape the face of energy for the future.
The Research and Technology team is part of the Group Chief of Staff office. The role of Research & Technology inside BP is twofold: to provide leadership and oversight for Technology across BP; and to lead Research & Development (R&D) in emerging areas and in support of corporate renewal.