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 plans to produce hydrogen from a refinery in Castellon, Spain. The HyVal project will be developed in phases, reaching 2GW in electrolysis capacity by 2030.
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