BP shares soar: BP plans major green hydrogen project in England | 11/29/21

BP is planning a large green hydrogen production project in Teesside, in north-east England.

According to the oil and gas company, the HyGreen Teesside project could provide up to 500 megawatts of electric power for hydrogen production by 2030. The plant will be developed in several phases, with BP aiming to start production by 2025 with an initial phase of about 60 megawatts. A final investment decision for the project is expected in 2023, according to BP.

HyGreen Teesside complements the H2Teesside blue hydrogen project already proposed by BP Plc. According to the information, blue hydrogen is produced using natural gas and captures the resulting emissions, while green hydrogen is produced using renewable energy.

HyGreen Teesside and H2Teesside together could contribute 30 per cent to Britain’s target of 5 gigawatts of hydrogen production by 2030, according to BP.

In London, BP shares rose 3.32 percent to 3.28 pounds.

London (Dow Jones)