“We are believers in hydrogen being maybe the fuel of choice for heavy-duty transport over the medium term, and are working on partnerships that we have around the world.” announced BP CEO, Bernard Looney , 27/10/20.
BP is readying offshore wind bids during the next six months, followed by greater upcoming hydrogen projects ahead.
Like many of its peers, BP understands the potential of hydrogen for its business, heightened by the current surge in hydrogen activity.
Like others who see transitioning to the world’s most abundant element as a phased approach, BP backs both blue and green hydrogen at the moment. For example, a gas power plant in northeast England with carbon capture and storage capabilities will form the foundation of a low-carbon industrial cluster with blue hydrogen fed to industrial customers. Until more electrolysis plants are developed for the production of green hydrogen, we will have to accept that also using blue hydrogen in this way is certainly better than nothing as we move towards net-zero.
“Hydrogen is a core part of what we believe in,” Looney announced, with BP’s initial target being heavy transport and industry, as it looks at using hydrogen at its own refineries in Germany. Furthermore BP are also exploring a green hydrogen distribution trial with utility RWE.
“Partnerships will be a key factor in this build-out, just like in the traditional oil and gas business. We partner all around the world today in oil and gas, and partnerships will be no different as we look to build out our low-carbon position.”
BP posted profits of $100 million in Q3. The company also managed to get debt down by $500 million, improving its balance sheet whilst investing in low-carbon technology and services.
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