(Reuters) -BP will exit its planned green hydrogen production facility in Australia as the British energy major pivots back to oil and gas, a spokesperson said on Thursday. The company has informed
BP Exits Green Hydrogen Project in Australia, Shifts Focus to Oil and Gas
(Reuters) -BP will exit its planned green hydrogen production facility in Australia as the British energy major pivots back to oil and gas, a spokesperson said on Thursday.
The company has informed its partners in the Australian Renewable Energy Hub (AREH) that it intends to exit the project as operator and equity holder, the spokesperson told Reuters in an emailed statement.
The oil major has slashed planned renewables spending and refocused investments to oil and gas after underperformance in recent months led to criticism from investors.
The AREH aims to develop up to 26 gigawatts (GW) of solar and wind capacity to produce as much as 1.6 million tonnes of green hydrogen per year, making it one of the world's largest renewable energy projects.
BP currently has a 63.57% stake in the project, according to the company's website. The other joint venture partners include privately owned InterContinental Energy and CWP Global.
(Reporting by Raechel Thankam Job in Bengaluru, Additional reporting by Shadia Nasralla and Bageshri Banerjee; Editing by Leroy Leo)
