Hydrogen outlook for Oman

[Music] hi I'm Spencer Dale BP's Chief Economist and a longtime visitor and admirer of Aman I want to talk to you today about low carbon hydrogen and in particular the potential role Oman can play as a major producer of green [Music] hydrogen low carbon hydrogen is likely to play a critical role in helping the world get to Net Zero when thinking about how to decarbonize the global Energy System the first step is to Electrify as many energy uses as possible and power them using renewable energy think switching internal combustion engine cars to electric cars or natural gas boilers to heat pumps but there are some energy uses and processes which are far harder to to Electrify it's not possible to Electrify for example some industrial processes such as steel production or chemical production the same is true of long-distance Aviation and Marine Transportation now some of these energy needs can be met by bioenergy and biofuels but there's a limit to how much bioenergy the planet can sustainably make as such many of the energy uses which can't be electrified are likely to be met by low carbon hydrogen or low carbon hydrogen derivatives such as ammonia or methanol today many countries around the world from Europe to Japan the USA to China are developing strategies and policies to support the increasing use of low carbon hydrogen especially within industry and transport the market for low carbon hydrogen is small today but is likely to grow rapidly over the next 10 to 15 years there are different types of low carbon hydrogen which can potentially meet that demand but over time the most important form of low carbon hydrogen is likely to be green hydrogen green hydrogen is made from electrolysis of water using renewable based electricity predominantly wind and so solar power the most competitive places to produce green hydrogen will be countries and regions which have plentiful supplies of wind and solar resources and that's where Aman comes in Aman is internationally recognized as being blessed with abundant levels of wind and solar resources Aman also has several other important advantages it has plentiful amounts of land available for large scale developments and it has five industrial ports three of which already have the capacity to handle and Export ammonia that's a powerful combination the world-renowned International Energy agency the iea suggested that Aman has the potential to be one of the top five or six largest hydrogen exported in the world by [Music] 2030 am man's role in green hydrogen has a potential to provide an important boost to its economy and employment by attracting low carbon Industries to locate in om man bringing inward investment new technology knowhow and local employment and by becoming a major export Hub exporting hydrogen in the form of ammonia provid providing an important source of external income BP is a keen supporter of the amman's goal to be a major green hydrogen producer and aims to be a part of that BP's history in Aman goes back over 90 years and today BP produces over a third of Aman's natural gas supply building on that long-term relationship BP last year formed a strategic partnership with om to progress potential renewable energy and hydrogen development an integrated project including onore wind solar and green hydrogen production green hydrogen is likely to play a critical role in helping the world decarbonize and get to Net Zero Oman is well positioned to play a major role in this developing market and BP is Keen to help Oman maximize that role drawing on our long and successful partnership together

Channel: bp

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Length: 5min 11sec (311 seconds)

Published: Thu Dec 14 2023