In Australia, pv Magazine reported that British energy major BP has informed its partners in the Australian Renewable Energy Hub (AREH) that it intends to exit the $36.14 billion)green energy hub planned for Western Australia’s Pilbara region.
BP first bought a 40.5% operating stake in the project in 2022, with its share in the joint venture growing to 63.57% in the following years.
The company has however now advised its consortium partners, InterContinental Energy and CWP Global, that it will exit AREH as both an operator and equity holder.
“This decision reflects BP’s recent strategy reset, which will see BP grow its upstream oil and gas business, focus its downstream business, and invest with increasing discipline into the transition,” a spokesperson for the company said in a statement, adding that while AREH no longer aligns with BP’s strategy, it continues to present an important opportunity for Western Australia to decarbonize the Pilbara.
The 26 GW project, previously known as the Asian Renewable Energy Hub, is proposed for a 6,500-square km site about 250 km northeast of Port Hedland. At full capacity, AREH could produce about 1.6 million metric tons of green hydrogen per year, according to the report.
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