BP abandons green hydrogen project in Australia in shift towards oil and gas
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.
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