Focus fossil fuels

BP pulls out of Australian green hydrogen project

Het plan was om 26 gigawatt aan zonne- en windcapaciteit te installeren in een uitgestrekt gebied van 6500 vierkante kilometer in West-Australië.

BP is pulling out of a major green hydrogen project in Australia. The British oil group is refocusing more heavily on fossil fuels to boost profitability. ANP reports.

At issue is the Australian Renewable Energy Hub, a project estimated to be worth around $36 billion. The plan was to install 26 gigawatts of solar and wind capacity in a vast 6,500-square-kilometre area in Western Australia. The resulting power would be used to produce green hydrogen by splitting water molecules into hydrogen and oxygen.

Although BP is pulling out, this need not mean the end of the project, writes the ANP. The already established project company will take over the role of operator in the coming months, with support from founding partner InterContinental Energy. According to a spokesman for the project company, opportunities have not diminished and green hydrogen is still needed to make the region’s iron industry more sustainable.

Adjusting ambitions

BP is not the only company adjusting its hydrogen ambitions. Several companies previously betting on hydrogen as the next big breakthrough in energy have since scaled back their plans. About a third of Australia’s announced green hydrogen projects have now been shelved or cancelled, a hydrogen expert has told news agency Bloomberg.

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This article was automatically translated from the Dutch language original to English (British).

Author: Nina Koelewijn

Source: MobilityEnergy.com

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