bp has reported ‘significant progress’ growing its pipeline of hydrogen projects to reach 2.8Mtpa at the end of Q2, according to first half results released today.
However the energy major reported $2.6bn net profit, down from $5bn in Q1, reflecting significantly lower realised refining margins, a significantly higher level of turnaround and maintenance activity and a weak oil trading result, along with lower oil and gas realisations. Reported profit for Q2 was $1.8bn, compared with $8.2bn in Q1.
In low carbon energy, bp was awarded the rights to develop two offshore wind projects, with total potential generating capacity of 4GW, in the German tender round, marking its entry into offshore wind in continental Europe. The two North Sea sites are located 130km and 150km offshore in water depths of about 40m, and its global offshore wind pipeline now totals up to 9.2GW.
CEO Bernard Looney said its underlying performance was resilient with good cash delivery – during a period of significant turnaround activity and weaker margins in our refining business.
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