Bernard Looney, CEO of BP
BP targets double-digit hydrogen returns
The major aims to establish foundations for ‘a material business’ from 2030s, CEO tells investors
BP will target “double-digit” returns from its hydrogen business, with an ambition to produce 500,000–700,000t/yr of “primarily green” hydrogen from 2030, CEO Bernard Looney told a 2022 results call this morning. BP expects to leverage its refining business to act as anchor offtake for hydrogen projects in the US and Europe in order to build regional hubs with eventual third-party offtake from industries seeking to decarbonise, such as steel. It expects to take FID and begin construction on such projects between 2023 and 2025, with startup from 2025–30. The major also plans to build export hubs for hydrogen and its derivatives, with FID and construction on these projects expected over 2025–3
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