bp will limit further hydrogen and carbon capture projects as part of its major strategic reset prioritising oil and gas expansion.
The British energy major revealed it would increase its oil and gas investments by about 30% to $10bn a year while cutting planned renewables funding by over $5bn.
As part of that, bp says it will adopt “disciplined investment” in green energy, with selected investments in biogas, biofuels and EV charging; “capital light” partnerships in renewables; and “focused investments” in hydrogen/CCS.
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