BP (NYSE:BP) said Thursday it was working on plans for a major facility which could generate as much as one gigawatt of “blue hydrogen” by 2030.
So-called blue hydrogen refers to hydrogen produced using natural gas, with the CO2 emissions generated during the process captured and stored.
The proposed development, described by BP as the United Kingdom’s "largest hydrogen project," would be based in Teesside, north-east England.
According to the oil and gas giant, the H2Teesside development would be able to "capture and send for storage" as much as two million metric tons of carbon dioxide every year. The U.K. government wants to have 5 GW of low-carbon hydrogen capacity by 2030.
Described by the International Energy Agency as a "versatile energy carrier," could, among other things, provide energy to residential homes and industry or "be used as a fuel for heavy transport."
A final investment decision on the development will be taken in 2024. If all goes to plan, 500 megawatts of capacity could be in production by 2027 or earlier, BP said. Capacity refers to the maximum amount a facility can produce.
Hydrogen can be produced in a number of ways. Another method includes using electrolysis, with an electric current splitting water into oxygen and hydrogen. If the electricity used in the process comes from a renewable source such as wind or solar, some term it “green” or "renewable" hydrogen.
BP removed 12 cents to $26.35.
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