BP has no plan to build new refineries despite growing oil production and will focus on modernising existing plants while expanding its network of filling stations to generate $3 billion (2.41 billion pounds) in additional cash.
The group's head of refining told Reuters that even though BP's output was set to spike as new fields become operational, its attitude to refining remains more cautious.
"Are we going to invest in more greenfield refining in BP? Probably not," said Tufan Erginbilgic, who has worked in refining since 1990.
He said BP was happy with its refining portfolio although it could sell some assets in downstream - which combines refineries with chemicals plants and infrastructure such as storage.
Refining of crude oil into fuels such as gasoline, diesel and jet fuel has for years been the industry's problem child, having to grapple with weak and volatile profit margins as well as competition from modern refineries built in China, India and the Middle East.
The problems are compounded by the prospect of more energy-efficient cars, aircraft and heating, tighter marine fuel standards, the rise of electric vehicles and slowing consumption growth.
A push to modernise and streamline BP's refining, trading and marketing - known as downstream activities - generated $5.6 billion in free cashflow last year, up 25 percent from 2014 despite refining margins at 12-year lows, Erginbilgic said.
Erginbilgic, who became downstream chief in 2014, said he is aiming for a $3 billion increase in free cashflow by 2021.
"We will sell one or two assets, making very good money today because the tide went up for these assets," he told Reuters.
BP is also betting on expanding its network of petrol stations with high-end convenience stores at a time other majors, including Shell and Exxon Mobil, have been shrinking their vast but often basic networks.
In Britain, BP operates its chain with retailer Marks & Spencer. In Germany, it teamed up with REWE.
Late last year it agreed to buy a chain of stations from Australia's top grocer Woolworths for $1.3 billion and Erginbilgic said BP's model could be expanded to markets such as Mexico, Indonesia, China and India.
Erginbilgic said the marketing business, which also includes lubricants, can deliver an extra $2 billion in cashflow by 2021, twice as much as refining and petrochemicals.
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