BP is selling its US onshore wind portfolio and has dumped 18 early stage hydrogen projects, as the company returns to its safe space of oil and gas.
The news, revealed in the company’s third quarter announcement, will save the company $US200 million. BP’s new goal is to develop five to 10 hydrogen projects, leaving it with a pipeline of 1.8 mtpa of developments.
The oil company has stopped or paused 24 potential projects from very early stage through to pre-final investment decision stage, but hydrogen has been the biggest victim of the shake up.
It is also scaling back new biofuels projects by pausing two biorefinery projects, one in Germany and one in the US.
Full story BP dumps 18 early stage hydrogen projects as it retreats to oil and gas | RenewEconomy
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