British oil giant BP is set to acquire a 49% stake in the Hyport Duqm hydrogen and green ammonia project, the company said in its earnings release (pdf) for 2Q 2024. The stake purchase comes under an agreement between BP and Oman’s state oil giant OQ and Belgian dredging company Deme. No further details were provided, but BP said the transaction was still pending regulatory approval.

What we know: The transaction will also allow BP to take operations in the project which is expected to produce 57k tons of green hydrogen per annum, according to the earnings release. The plant will cover an area of 150 sq km with a production capacity of 2 GW of electricity used to generate the green hydrogen, Oman News Agency reported back in March.

REMEMBER- Oman is targeting the production of 1.38 mn tons of hydrogen annually by 2030. Its state-owned Hydrom signed an agreement last year with the Hyport Duqm Consortium — a JV between OQ Alternative Energy and DEME Concessions — for the construction of a green hydrogen production facility to produce some 1 mn tons of green ammonia. OQ Alternative Energy — the green unit of OQ — is also among the backers of the Green Energy Oman clean fuels hub which will aim for a production capacity of 1.8 mn tons of green hydrogen annually, supplemented by 25 GW of renewables.

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