Energy Top Stories
BP hydrocarbon plant_GBO_Image

BP to develop Britain’s largest hydrogen plant by 2030

The Teesside plant will have capacity of up to 1GW

British multinational oil and gas company BP will develop Britain’s largest hydrocarbon plant by 2030, media reports said. The Teesside plant is expected to have a capacity of up to 1GW of blue hydrocarbon. BP has begun a feasibility study on the project to explore technologies that could capture up to 98 percent of carbon emissions from the hydrogen production process.

In a statement, BP said, “With close proximity to North Sea storage sites, pipe corridors and existing operational hydrogen storage and distribution capabilities, the area is uniquely placed for H2Teesside to help lead a low carbon transformation, supporting jobs, regeneration and the revitalisation of the surrounding area.”

Last month, it was reported that BP is planning to sell a 20 percent stake in Oman’s Block 61 for a fee of around $2.6 billion. The stake will be sold to Thailand’s state-owned PTT Exploration and Production. The deal is part of BP’s greater plan to sell $25 billion worth of assets by 2025.

BP’s stock prices crashed to a 25-year low after its chief executive Bernard Looney announced its new climate strategy last year. Bernard Looney announced BP’s plans to turn the company from a predominant oil and gas company to an integrated energy company. He and his new management team gave more than 10 hours of presentations over three days last week, in a bid to show the world that the oil and gas giant could adapt to a low-carbon future without sacrificing returns.

Related posts

Aerolineas Argentina resumes international operations after more than a year

GBO Correspondent

DoF partners Daman, FAB to launch DH 6 bn package for SME’s

GBO Correspondent

JP Morgan launches sustainable long-short fund worth $100 million

GBO Correspondent