Oil and gas giant BP has confirmed its exit from the Australian Renewable Energy Hub (AREH), a planned 26GW wind, solar, and green hydrogen project in Western Australia.
The company, which acquired a 40.5% stake in the large-scale green hydrogen project in 2022 and became its operator, informed its partners that it would withdraw as both operator and shareholder. BP stated it would instead focus on its upstream oil and gas business.
A BP spokesperson said: “This decision reflects BP’s recent strategic reset, which will see the company grow its upstream oil and gas business, focus on its downstream operations, and make more disciplined investments in the transition to low carbon.”
