© Tommy Lee Walker / Shutterstock.com
© Tommy Lee Walker / Shutterstock.com
bp will invest in five to 10 hydrogen and carbon capture, utilisation and storage (CCUS) projects this decade.
CEO, Murray Auchincloss announced the news during Tuesday’s (July 30) Q2 2024 results presentation. He said, “[bp] is in action to high grade and focus our portfolio from 30 opportunities to five to 10 potential investments that we can progress this decade.”
H2 View understands that the hydrogen will be produced via renewables and used the create sustainable aviation fuels (SAFs) and decarbonise bp’s refining operations.
The oil and gas major also announced it had taken a Final Investment Decision (FID) on its initiative to produce hydrogen from a refinery in Castellon, Spain. HyVal will ensure the phased development going up to 2GW in electrolysis capacity by 2030.
Read more:bp to develop 2GW hydrogen project in Spain following FID
Commenting on the FID announcement, Auchincloss said, “Progress is happening now. At Castellon, together with our joint venture partner (Iberdrola) we are taking our first FID to develop and produce industrial-scale green hydrogen.”
He added that the awarding of Important Project of Common Interest for its Lingen, Germany, project “paves the way for progress with a 100MW green hydrogen project [and] FID expected by the end of the year.”
“Both projects meet our investment hurdles and help us create SAF and green hydrogen for customers while we decarbonise our assets,” he added.