Energy major BP has revealed its financial performance and main achievements in renewable energy business and electric vehicle charging during the second-quarter of 2024.
BP’s installed renewables capacity has reached 2.7 GW.
BP’s renewable energy pipeline has touched 59 GW.
BP has developed renewable energy capacity of 6.5 GW.
Capex in renewables & power was $0.7 billion in H1 2024. In 2023, Capex in Renewables & power was $1.1 billion. This compares with Capex of $0.5 billion in Bioenergy, $0.2 billion in Convenience, $0.3 billion in EV charging, $0.1 billion in Hydrogen in the first-half.
KEY DEVELOPMENTS
# to acquire remaining 50.03 percent stake in Lightsource bp
# entry into German offshore wind market
# Auction win with total potential generating capacity of 4GW
# BP taken full ownership of Beacon Wind US offshore projects
# Potential generative capacity of ~2.5GW
# Taken ownership of Astoria Gateway site
# Hydrogen pipeline of 2.5mtpa
# NZT Power and Northern Endurance Partnership
# UK government awarded development consent
# Contractors selected for combined value of – $5 billion across Net Zero Teesside Power and NEP
# MachH2 selected to develop a Regional Hydrogen Hub in US Midwest
# Lingen 100MW green hydrogen project awarded funding as part of European IPCEI Hy2Infra wave
# BP to acquire 49% in Hyport green hydrogen project in Duqm, Oman
# Castellon green H2 project FID
# Acquisition of GETEC ENERGIE GmbH
In biogas, Archaea has now started up four plants in 2024, with capacity of more than 4 million mmbtu’s per year of high-margin landfill renewable natural gas. BP is on track to deliver 15 by the end of the year.
BP reported second-quarter profit of nearly $2.8 billion thanks to stronger oil prices and retail earnings.
The company also announced it would go ahead with the development of a low-carbon hydrogen project at its Castellon refinery in Spain.
BP is working to exceed its target to reduce annual costs by $2 billion by the end of 2026, Auchincloss said in an analyst presentation posted online. Reuters reported in June that the company had imposed a hiring freeze and suspended investments in new offshore wind projects.
Last week, France’s TotalEnergies reported a 6 percent drop in second quarter profit, also hurt by a tumble in European refining margins.
BP will maintain capital expenditure at $16 billion per year in 2024 and 2025.
BP aims to construct five to 10 low-carbon hydrogen projects this decade in order to produce clean fuels and reduce greenhouse emissions, CEO Murray Auchincloss said on Tuesday.
The green hydrogen, produced through electrolysis using renewable power, will be used to produce sustainable aviation fuel and decarbonise BP’s refining operations, he said.
BP on Tuesday said it has given the green light for the development of a hydrogen project at its Castellon refinery in Spain and that it was preparing to go ahead with a second project at its Lingen refinery in Germany.
Baburajan Kizhakedath