Capital Allocation · Full Command

Enterprise capital command surface for portfolio envelope, project ranking, scenario control, agents, funding constraints, tax impact, evidence, and board replay.

Source of record · sor-capital-allocation-hub

Decision Operating Model · CAPITAL

Exception Decision Owner

Agents pre-process routine work, surface governed exceptions, and assemble context so you can decide immediately instead of browsing for answers.

1. System surfaces what changed and what needs attention

2. Decisions are prioritized before deep mission context

3. Evidence and simulation stay attached to execution

Home Decisions Evidence

Mission System View · Capital

Mission Operating Surface

Missions exist to explain system performance, not to become the analyst landing page.

Process Flow

Signal -> Analysis -> Guardrail Check -> Reallocation -> Evidence

This mission view explains how work moves through the operating system.

Agent Overlay

Capital agents show where policy allows autonomous monitoring and where humans must decide.

Autonomy and human intervention are visible at each stage.

Bottlenecks

Constraint conflicts, package readiness, and approval waits surface as mission friction.

System friction is surfaced before it becomes SLA or value leakage.

Systemic Insights

The mission shows how capital is performing as a system, not just as a static portfolio summary.

This is where users understand mission performance as a system.

Home Decisions Evidence

Under FIL Control 1 immutable · 2 regulatory · 3 tunable (approval) · pending

Functional Integrity Layer · Capital Allocation Under FIL Control · capital_allocation_pack_v1 v1.0 Agents follow policy, propose changes, and cannot self-modify. All decisions carry evidence lineage.

View governance queue › Policy lineage ›

Immutable1Not agent-changeable

Regulatory2Statutory clauses

Tunable (approval)3Proposal + human approval

Proposals pendingAwaiting governance

Approved (30d)With evidence lineage

PosturePASSAll guardrails green

Cannot override regulatory rules
Cannot bypass audit trace
Cannot change thresholds directly
Cannot operate outside ontology

View clause registry ›

Policy pack	Clause	Mutability	Proposable
Loading clauses…

Top enterprise decision

£19.31B

Portfolio demand must be prioritized against FCF and strategic return.

Capital constraint

43%

Scenario capital utilization across FY26 candidate portfolios.

Headroom remaining

£25.69B

Available before breaching portfolio funding envelope.

Scenario action

Approve · Defer · Reallocate

Every project card shows the consequence of each decision.

FY26 capital envelope43% used

Capital allocation is shown as a constrained choice, not a project list. Approvals must preserve FCF, leverage, carbon, and portfolio-balance guardrails.

Portfolio Control Posture

Control-level view of capital envelope, return hurdle, and strategic balance. Click any control for L1-L7 detail.

Capital controls

Capital envelope control£45.00B

Portfolio approvals must remain inside the FY26 funding envelope while preserving FCF, leverage, return hurdle, and strategic balance.

MEDIUMOwner Portfolio CommitteeEvidence scenario pack

NEXT STEPApprove only after Treasury and FP&A constraint checks pass.

Return hurdle control0.0%

Projects below the return hurdle need strategic override evidence; high-return projects still require funding and tax checks.

LOWOwner FP&AEvidence ROI ranking

NEXT STEPPrioritize high-NPV projects with acceptable payback and strategic score.

Strategic balance control10

Strategic score, innovation, market impact, and portfolio balance are evaluated before capital moves to board approval.

MEDIUMOwner StrategyEvidence strategic ranking

NEXT STEPReallocate low-return, low-score projects before locking the scenario.

Project Ranking Board

Top ranked projects joined with ROI and strategic score evidence from the live capital SOR.

Code	Project	Budget	NPV	ROI	Score	Constraint
UP-AU-004	NWS LNG Train 6 Extension	£1.20B	£735.6M	110.0%	55.35	Capital gate
UP-NOR-001	Tyrihans Phase 3 Infill Drilling	£850.0M	£521.1M	110.0%	54.7	Capital gate
LN-LA-005	Freeport LNG Phase 2 Offtake Fleet	£920.0M	£409.1M	85.0%	52.5	Capital gate
UP-GOM-002	Thunder Horse NW Tieback	£620.0M	£380.1M	110.0%	62.05	Capital gate
UP-AO-003	Block 18 West Subsea Expansion	£480.0M	£294.2M	110.0%	-	Capital gate
LN-SG-006	Jurong Island LNG Trading Storage	£310.0M	£137.9M	85.0%	-	Capital gate

Scenario Control Board

FY26 scenarios with funding envelope, utilization, expected NPV, and approval state.

Scenario	Name	Available	Allocated	Utilization	Expected NPV	Status
SC-20260421-213113	FY26 Base Plan — $15B Committed	£15.00B	£5.34B	36%	£2.61B	Optimized
SC-20260421-213114	FY26 Upside — +$4B Incremental Discretionary	£19.00B	£8.63B	45%	£0	Optimized
SC-20260421-213115	FY26 Downside — Brent $65 Break-glass	£11.00B	£5.34B	49%	£2.61B	Optimized

Agent And Cross-Mission Fabric

The full page connects portfolio agents to FP&A, Treasury, Tax, and Evidence rather than showing a project list in isolation.

Agent	Scope	Items	Decision
Capital Allocation Agent	Portfolio prioritization	12	Approve / defer / reallocate
ROI Ranking Agent	NPV, ROI, payback	10	Return hurdle
Scenario Optimizer Agent	FY26 scenario envelope	3	Approve / stress / rebalance
Treasury Constraint Agent	Funding and leverage	linked	Funding guardrail

Bridge	Why it matters	Signal
FP&A	Forecast, FCF, and capital plan impact	Forecast bridge
Treasury	Funding capacity, debt, and liquidity guardrails	Funding constraint
Tax	Jurisdiction and project tax drag	Tax gate
Evidence Vault	Board replay, scenario evidence, and decision lineage	Audit replay

Decision Workbench

Project and scenario decisions remain available below for analyst-level action, with unique drawers for every item.

Act now · proposed CAPEX

Tyrihans Phase 3 Infill Drilling · UP-NOR-001£850.0M

6-well infill drilling program targeting untapped Tyrihans reservoirs, Norwegian continental shelf. Extends field life by 8 years.
NPV £521.1M · ROI 110.0% · Payback 4.0y
Strategic 54.7 (alignment 72 · innovation 40 · impact 90)

Capital ask

£850.0M

Allocated

£0

FCF pressure

£850.0M

Constraint

Capital gate

Capital gate Unfunded demand competes for FY26 capital headroom.

Approve Commits £850.0M · expected NPV £521.1M · ROI 110.0%

Defer Preserves £612.0M near-term FCF headroom · delays strategic benefit

Reallocate Move £297.5M to higher-return queue while retaining option value

FP&A forecast impact · UP-NOR-001 Treasury funding constraint Tax jurisdiction impact Evidence pack

HIGHBU UpstreamType CAPEXStatus ProposedSponsor Gordon Birrell

NEXT STEPChoose approve, defer, or reallocate; attach scenario and policy evidence before board approval.

Thunder Horse NW Tieback · UP-GOM-002£620.0M

Subsea tieback to existing Thunder Horse PDQ, deep-water Gulf of Mexico. Incremental 50 kboe/d peak, 7-year payback.
NPV £380.1M · ROI 110.0% · Payback 4.0y
Strategic 62.05 (alignment 93 · innovation 40 · impact 90)

Capital ask

£620.0M

Allocated

£0

FCF pressure

£620.0M

Constraint

Capital gate

Capital gate Unfunded demand competes for FY26 capital headroom.

Approve Commits £620.0M · expected NPV £380.1M · ROI 110.0%

Defer Preserves £446.4M near-term FCF headroom · delays strategic benefit

Reallocate Move £217.0M to higher-return queue while retaining option value

FP&A forecast impact · UP-GOM-002 Treasury funding constraint Tax jurisdiction impact Evidence pack

HIGHBU UpstreamType CAPEXStatus ProposedSponsor Starlee Sykes

NEXT STEPChoose approve, defer, or reallocate; attach scenario and policy evidence before board approval.

Block 18 West Subsea Expansion · UP-AO-003£480.0M

Platina / Plutao satellite subsea development, Angola Block 18 West. PSA cost-recovery structure; first oil 2027.
NPV £294.2M · ROI 110.0% · Payback 4.0y

Capital ask

£480.0M

Allocated

£0

FCF pressure

£480.0M

Constraint

Capital gate

Capital gate Unfunded demand competes for FY26 capital headroom.

Approve Commits £480.0M · expected NPV £294.2M · ROI 110.0%

Defer Preserves £345.6M near-term FCF headroom · delays strategic benefit

Reallocate Move £168.0M to higher-return queue while retaining option value

FP&A forecast impact · UP-AO-003 Treasury funding constraint Tax jurisdiction impact Evidence pack

HIGHBU UpstreamType CAPEXStatus ProposedSponsor Gordon Birrell

NEXT STEPChoose approve, defer, or reallocate; attach scenario and policy evidence before board approval.

NWS LNG Train 6 Extension · UP-AU-004£1.20B

North West Shelf Train 6 expansion and carbon capture tie-in. JV with Woodside/Shell/Chevron/Japan Australia LNG.
NPV £735.6M · ROI 110.0% · Payback 4.0y
Strategic 55.35 (alignment 78 · innovation 35 · impact 90)

Capital ask

£1.20B

Allocated

£0

FCF pressure

£1.20B

Constraint

Capital gate

Capital gate Unfunded demand competes for FY26 capital headroom.

Approve Commits £1.20B · expected NPV £735.6M · ROI 110.0%

Defer Preserves £864.0M near-term FCF headroom · delays strategic benefit

Reallocate Move £420.0M to higher-return queue while retaining option value

FP&A forecast impact · UP-AU-004 Treasury funding constraint Tax jurisdiction impact Evidence pack

HIGHBU Integrated GasType InfrastructureStatus ProposedSponsor Carol Howle

NEXT STEPChoose approve, defer, or reallocate; attach scenario and policy evidence before board approval.

Freeport LNG Phase 2 Offtake Fleet · LN-LA-005£920.0M

Long-term Freeport LNG Phase 2 offtake (2.1 MTPA) plus four newbuild MEGI-propulsion LNG carriers delivering 2027-2028.
NPV £409.1M · ROI 85.0% · Payback 4.0y
Strategic 52.5 (alignment 66 · innovation 40 · impact 90)

Capital ask

£920.0M

Allocated

£0

FCF pressure

£920.0M

Constraint

Capital gate

Capital gate Unfunded demand competes for FY26 capital headroom.

Approve Commits £920.0M · expected NPV £409.1M · ROI 85.0%

Defer Preserves £662.4M near-term FCF headroom · delays strategic benefit

Reallocate Move £322.0M to higher-return queue while retaining option value

FP&A forecast impact · LN-LA-005 Treasury funding constraint Tax jurisdiction impact Evidence pack

HIGHBU Trading & ShippingType CAPEXStatus ProposedSponsor Carol Howle

NEXT STEPChoose approve, defer, or reallocate; attach scenario and policy evidence before board approval.

Jurong Island LNG Trading Storage · LN-SG-006£310.0M

160k m3 LNG storage + regas capacity on Jurong Island, Singapore. Captures SGP global trading arb; 12-year useful life.
NPV £137.9M · ROI 85.0% · Payback 4.0y

Capital ask

£310.0M

Allocated

£0

FCF pressure

£310.0M

Constraint

Capital gate

Capital gate Unfunded demand competes for FY26 capital headroom.

Approve Commits £310.0M · expected NPV £137.9M · ROI 85.0%

Defer Preserves £223.2M near-term FCF headroom · delays strategic benefit

Reallocate Move £108.5M to higher-return queue while retaining option value

FP&A forecast impact · LN-SG-006 Treasury funding constraint Tax jurisdiction impact Evidence pack

HIGHBU Trading & ShippingType InfrastructureStatus ProposedSponsor Carol Howle

NEXT STEPChoose approve, defer, or reallocate; attach scenario and policy evidence before board approval.

Grangemouth Hydrogen Retrofit · DS-UK-007£540.0M

Replace SMR hydrogen with 200MW electrolyser + CCS tie-in at Grangemouth. Reduces refinery Scope 1 by 35%.
NPV £661k · ROI 20.0% · Payback 5.0y
Strategic 71.55 (alignment 93 · innovation 70 · impact 100)

Capital ask

£540.0M

Allocated

£0

FCF pressure

£540.0M

Constraint

Capital gate

Capital gate Unfunded demand competes for FY26 capital headroom.

Approve Commits £540.0M · expected NPV £661k · ROI 20.0%

Defer Preserves £388.8M near-term FCF headroom · delays strategic benefit

Reallocate Move £189.0M to higher-return queue while retaining option value

FP&A forecast impact · DS-UK-007 Treasury funding constraint Tax jurisdiction impact Evidence pack

HIGHBU Customers & ProductsType Strategic InitiativeStatus ProposedSponsor Emma Delaney

NEXT STEPChoose approve, defer, or reallocate; attach scenario and policy evidence before board approval.

UK Retail EV Pulse Rollout · RT-UK-008£420.0M

1,000 ultra-fast (150kW+) charge points across 400 UK forecourts by end-2027. Partnership with Octopus Energy.
NPV £133.9M · ROI 60.0% · Payback 4.0y
Strategic 54.0 (alignment 78 · innovation 30 · impact 90)

Capital ask

£420.0M

Allocated

£0

FCF pressure

£420.0M

Constraint

Capital gate

Capital gate Unfunded demand competes for FY26 capital headroom.

Approve Commits £420.0M · expected NPV £133.9M · ROI 60.0%

Defer Preserves £302.4M near-term FCF headroom · delays strategic benefit

Reallocate Move £147.0M to higher-return queue while retaining option value

FP&A forecast impact · RT-UK-008 Treasury funding constraint Tax jurisdiction impact Evidence pack

HIGHBU Customers & ProductsType InfrastructureStatus ProposedSponsor Emma Delaney

NEXT STEPChoose approve, defer, or reallocate; attach scenario and policy evidence before board approval.

Morven + Mona Offshore Wind · RE-UK-009£2.40B

1.5GW fixed-bottom offshore wind cluster (Morven ScotWind + Mona Irish Sea). JV with EnBW. CfD-backed, commissioning 2028.
Strategic 66.0 (alignment 78 · innovation 70 · impact 100)

Capital ask

£2.40B

Allocated

£0

FCF pressure

£2.40B

Constraint

Capital gate

Capital gate Unfunded demand competes for FY26 capital headroom.

Approve Commits £2.40B · expected NPV £0 · ROI 0.0%

Defer Preserves £1.73B near-term FCF headroom · delays strategic benefit

Reallocate Move £840.0M to higher-return queue while retaining option value

FP&A forecast impact · RE-UK-009 Treasury funding constraint Tax jurisdiction impact Evidence pack

HIGHBU Gas & Low CarbonType Strategic InitiativeStatus ProposedSponsor William Lin

NEXT STEPChoose approve, defer, or reallocate; attach scenario and policy evidence before board approval.

Lingen Green Hydrogen 100MW · RE-NL-010£380.0M

100MW PEM electrolyser at Lingen refinery (Germany), hydrogen backhaul to Rotterdam via rail. EU IPCEI support.
NPV £-6.0M · ROI 20.0% · Payback 5.0y
Strategic 59.7 (alignment 57 · innovation 75 · impact 100)

Capital ask

£380.0M

Allocated

£0

FCF pressure

£380.0M

Constraint

Capital gate

Capital gate Unfunded demand competes for FY26 capital headroom.

Approve Commits £380.0M · expected NPV £-6.0M · ROI 20.0%

Defer Preserves £273.6M near-term FCF headroom · delays strategic benefit

Reallocate Move £133.0M to higher-return queue while retaining option value

FP&A forecast impact · RE-NL-010 Treasury funding constraint Tax jurisdiction impact Evidence pack

HIGHBU Gas & Low CarbonType Strategic InitiativeStatus ProposedSponsor William Lin

NEXT STEPChoose approve, defer, or reallocate; attach scenario and policy evidence before board approval.

Archaea BioMethane Expansion · RE-US-011£290.0M

15 new Archaea-modular biomethane plants across US landfills. Targets 10 BCF/year RNG by 2028.
NPV £-4.6M · ROI 20.0% · Payback 5.0y
Strategic 60.85 (alignment 63 · innovation 70 · impact 100)

Capital ask

£290.0M

Allocated

£0

FCF pressure

£290.0M

Constraint

Capital gate

Capital gate Unfunded demand competes for FY26 capital headroom.

Approve Commits £290.0M · expected NPV £-4.6M · ROI 20.0%

Defer Preserves £208.8M near-term FCF headroom · delays strategic benefit

Reallocate Move £101.5M to higher-return queue while retaining option value

FP&A forecast impact · RE-US-011 Treasury funding constraint Tax jurisdiction impact Evidence pack

HIGHBU Gas & Low CarbonType Strategic InitiativeStatus ProposedSponsor William Lin

NEXT STEPChoose approve, defer, or reallocate; attach scenario and policy evidence before board approval.

BP Digital & AI Platform · DG-UK-012£220.0M

Group-wide SAP S/4HANA + IRIS AI governance platform rollout replacing legacy ERP in 9 countries. 3-year program.
Strategic 75.5 (alignment 93 · innovation 85 · impact 100)

Capital ask

£220.0M

Allocated

£0

FCF pressure

£220.0M

Constraint

Capital gate

Capital gate Unfunded demand competes for FY26 capital headroom.

Approve Commits £220.0M · expected NPV £0 · ROI 0.0%

Defer Preserves £158.4M near-term FCF headroom · delays strategic benefit

Reallocate Move £77.0M to higher-return queue while retaining option value

FP&A forecast impact · DG-UK-012 Treasury funding constraint Tax jurisdiction impact Evidence pack

HIGHBU Innovation & EngineeringType Digital TransformationStatus ProposedSponsor Leigh-Ann Russell

NEXT STEPChoose approve, defer, or reallocate; attach scenario and policy evidence before board approval.

Review · scenarios + approved projects

FY26 Base Plan — $15B Committed · SC-20260421-213113£5.34B

Base case capital plan aligned to FY26 guidance.
Available £15.00B · Allocated £5.34B · Unallocated £9.66B

Capital utilization

36%

Unallocated headroom

£9.66B

Expected NPV

£2.61B

Approve scenario Locks portfolio path and triggers Treasury funding schedule

Downside stress Re-score under lower demand and higher cost of capital

Rebalance portfolio Reallocate from low-ROI projects to strategic/high-NPV pool

FP&A forecast impact · SC-20260421-213113 Treasury funding constraint Tax jurisdiction impact Evidence pack

MEDIUMMethod Maximize NPVFunded 8NPV £2.61BCreated by [email protected]

NEXT STEPRun approve/defer/reallocate impact before board approval; attach evidence pack.

FY26 Upside — +$4B Incremental Discretionary · SC-20260421-213114£8.63B

Upside case if Brent sustains above $85 and free cash flow ladder accelerates.
Available £19.00B · Allocated £8.63B · Unallocated £10.37B

Capital utilization

45%

Unallocated headroom

£10.37B

Expected NPV

£0

Approve scenario Locks portfolio path and triggers Treasury funding schedule

Downside stress Re-score under lower demand and higher cost of capital

Rebalance portfolio Reallocate from low-ROI projects to strategic/high-NPV pool

FP&A forecast impact · SC-20260421-213114 Treasury funding constraint Tax jurisdiction impact Evidence pack

MEDIUMMethod Strategic PriorityFunded 12NPV £0Created by [email protected]

NEXT STEPRun approve/defer/reallocate impact before board approval; attach evidence pack.

FY26 Downside — Brent $65 Break-glass · SC-20260421-213115£5.34B

Break-glass case with disciplined deferrals across non-sanctioned renewables.
Available £11.00B · Allocated £5.34B · Unallocated £5.66B

Capital utilization

49%

Unallocated headroom

£5.66B

Expected NPV

£2.61B

Approve scenario Locks portfolio path and triggers Treasury funding schedule

Downside stress Re-score under lower demand and higher cost of capital

Rebalance portfolio Reallocate from low-ROI projects to strategic/high-NPV pool

FP&A forecast impact · SC-20260421-213115 Treasury funding constraint Tax jurisdiction impact Evidence pack

MEDIUMMethod Maximize NPVFunded 8NPV £2.61BCreated by [email protected]

NEXT STEPRun approve/defer/reallocate impact before board approval; attach evidence pack.

Watch · in-flight execution

No in-flight projects.

Done · completed

No completed projects in window.