BP has acquired a 49 percent stake in Hyport Duqm, a green hydrogen project in Oman, the company announced alongside its quarterly financial results.
“On June 13, BP entered into an agreement with OQ and Dredging, Environmental and Marine Engineering NV (DEME) to take a 49-percent ownership and operational role in the Hyport green hydrogen project in Duqm, Oman, pending regulatory approvals. This project is expected to generate approximately 57,000 tonnes of green hydrogen annually,” BP stated in its financial report. The specifics of the financial deal were not disclosed.
BP will also take over as the operator of the project, which is being developed on a 150 square kilometer site within the Special Economic Zone at Duqm.
Phase 1 of the project will feature an electrolyzer capacity of 1.3 GW, aimed at producing green hydrogen and green ammonia, with production expected to reach around 330,000 tonnes of green ammonia per year. In Phase 2, the capacity will expand to 2.7 GW or more.
Oman has set a target to produce at least 1 million tonnes of green hydrogen annually by 2030, with plans to boost production to 3.75 million tonnes by 2040 and 8.5 million tonnes by 2050.
The International Energy Agency forecasts that Oman will become the largest exporter of green hydrogen in the Middle East by 2030 and the sixth-largest globally.
OQ, which is owned by the Oman Investment Authority, represents the integrated energy group of OIA.
Hydrom, the entity coordinating Oman’s green hydrogen sector, holds a 47-year license to develop and operate the Hyport Duqm project.
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