The two parties will work together in the areas of recruitment, research, education, and the application of scientific knowledge.
The university will host management projects and engineering management education programmes, drawing on the expertise of Manchester Business School and the School of Mechanical Aerospace and Civil Engineering.
Professor Alan Gilbert, president and vice-chancellor of the University of Manchester, said: “These projects are just the start of what promises to be a long and prosperous partnership that will bring together the most skilled and gifted individuals from both organisations.”
Brian Gilvary, group vice-president for supply and trading at BP, said: “This is one of our biggest strategic academic partnerships. It will develop world-leading projects and engineering expertise for BP and the next generation of engineers and business people coming out of Manchester University may see at first hand the benefit of this partnership.”