bp has said blue hydrogen will be its focus during this decade with green hydrogen production expected closer to 2030, as the oil and gas major posted $13.8bn profits in 2023 – down from $27.7bn the year previous.
With a total adjusted EBITDA for gas and low-carbon energy totalling $14.46bn in 2023 – down from $21.07bn in 2022, and $3.4bn in Q4 2023 – down from $4.5bn year-on-year – the results echo similar trends from other energy giants.
The company said its hydrogen pipeline grew to 2.9 mtpa, up from 1.8 mtpa in 2022. Last February (2023), bp said it would invest up to $8bn more into low-carbon energy, including hydrogen and renewables, by 2030.
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