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
Also in this section
22 July 2025
The gas-hungry sector is set for rapid growth, and oil majors and some of the world’s largest LNG firms are investing in ammonia production and export facilities, though much depends on regulatory support
16 July 2025
Major manufacturer cancels rollout of new hydrogen-powered vans and strengthens focus on battery electric and hybrid markets
16 July 2025
Oil and gas major calls for expression of interest in product from Lingen project ahead of startup in 2027
14 July 2025
Danish electrolyser manufacturer decelerates pre-FID work on planned Virginia plant despite renewed clarity over 45V tax credit
