Oil and gas company BP will bet more on hydrogen as an energy source going forward, reports Reuters after speaking to sources in the company and adds that come February, Chief Executive Officer Bernard Looney will unveil a target for clean hydrogen production.

BP has reportedly set a target to capture a 10% share of hydrogen in ”core markets”.

BP is already in the process of developing a hydrogen hub around its oil refinery in Whiting, located in the US state of Indiana. Approx. 200,000 tonnes of gray hydrogen will be replaced with blue hydrogen, according to the report.

Planned measures to expand the hydrogen business include building carbon capture and storage facilities as well as boosting power generation from renewable energy sources to 50GW by 2023.

Moreover, BP has given its structure an overhaul so as to set up a dedicated hydrogen division with 150 staff.

BP, Iberdrola plan joint development of 6GW hydrogen in Europe