bp recorded just under $5bn profit in Q1, down from $6.2bn in the corresponding 2022 quarter, as it reported lower liquid and gas realisations but it continues to be active in the low-carbon energy sector.

The energy major signed an agreement to take a 40% stake in the Viking carbon capture and storage (CCS) project in the North Sea; three bp-led hydrogen and CCS projects in the north-east England have been chosen by the UK government to progress to the next stage of development; and it launched plans for a low-carbon green energy cluster in Spain’s Valencia region (HyVal) to include ‘world scale’ green hydrogen production at bp’s Castellón refinery with up to 2GW of electrolysis capacity by 2030. Its year-to-date hydrogen pipeline now stands at 2Mtpa, up 0.2Mtpa.

Bernard Looney, CEO, said, “This has been a quarter of strong performance and strategic delivery as we continue to focus on safe and reliable operations. Momentum continues to build across our integrated energy company strategy, with the start-up of Mad Dog Phase 2, our agreement to acquire TravelCenters of America and progress towards hydrogen and CCS projects in the UK.”

In Valencia, HyVal is expected to play an instrumental role in decarbonising the operations of bp’s Castellón refinery. Its transformation – including green hydrogen, biofuels and renewable energy – could see bp invest a total of up to €2bn in Castellon by 2030.