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Chevron expects a $ 2.5 billion investment in low carbon hydrogen

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Chevron Corp. will spend approximately $ 2.5 billion to build a hydrogen business over the last decade as oil majors are accelerating investment in low-carbon technologies.

Chevron will develop both green and blue hydrogen, said Austin Knight, vice president of hydrogen for the company’s new energy division. The former is made from renewable energy and the latter is made from natural gas with the technology to capture emissions.

U.S. energy giants announced last fall that they would allocate $ 10 billion to renewable fuel development and hydrogen and carbon recovery by 2028, but how to split that money into different technologies. Not specified.

“What you are seeing now is the move to a wider range of energy solutions using hydrogen and the move to cleaner hydrogen,” Knight said at a conference in London hosted by the Financial Times. “We want to be part of that launch.”

Hydrogen is ready to become an important part of global efforts to reduce greenhouse gas emissions. Clean combustion fuels can replace natural gas and coal in heavy industry processes that are otherwise difficult to decarbonize. US President Joe Biden’s infrastructure program included funding to build at least four hydrogen hubs.

“We need to set rules very clearly about what low carbon really means, and then work on the market to achieve real carbon savings,” Knight said.

At the same time, Chevron is one of the oil refiners under pressure from the Biden administration to improve its capacity as soaring gasoline prices in U.S. pumps bring record inflation and unprecedented profit margins. .. The company’s stake, based in San Ramon, California, has risen by more than 30% so far this year.

Hydrogen made from natural gas with carbon recovery can be produced on a larger scale than renewable energy-based alternatives, Knight said. Still, European oil majors such as Total Energies SE in France and BPplc in the UK are targeting billions of dollars in investment in green hydrogen projects.

© 2022 Bloomberg LP

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