BP buys 49% of gigawatt-scale green hydrogen project in Oman

BP Plc (LON:BP) is acquiring a 49% interest in the gigawatt-scale Hyport green hydrogen project in Oman from Muscat-based state-owned energy group OQ and Belgium's Dredging, Environmental and Marine Engineering NV (DEME).

The deal was signed on June 13 and is subject to regulatory clearance, the London-based oil major said in its quarterly report on Tuesday.

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Hyport Duqm was one of the projects selected in the first round of the green hydrogen tender in Oman. As a result, DEME and OQ last year inked a usufruct agreement with Hydrogen Oman (Hydrom) and the Public Authority for Special Economic Zones and Free Zones (OPAZ) regarding the project which is expected to produce about 57,000 tonnes of green hydrogen per year.

In addition to this investment, BP is developing another green hydrogen project near Duqm, Al Wusta Governorate in southeast Oman. In May, the group said that the project is in the development stage with the data collection campaign involving the use of light detection and ranging (LiDAR) devices, solar stations and met masts underway.