bp has revealed that it has stopped the development of 18 early-stage hydrogen projects as part of its focus on higher return projects.
In its Q3 results, where the oil and gas firm reported a 30% drop in profits to $2.3bn, CEO, Murray Auchincloss, told investors that bp had “stopped or paused” 24 potential projects – 18 of which were hydrogen developments.
“We have worked across all our businesses to review the projects in our hopper, including those from early concept selection through to pre-FID,” the CEO said.
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