BP has acquired a 49% stake in Oman's Hyport Duqm green hydrogen project, as announced in their quarterly financial results. The project, developed on a 150 square km area within the Special Economic Zone at Duqm, aims to produce approximately 57,000 tonnes of green hydrogen annually. Under Phase 1, the project will have an electrolyzer capacity of 1.3 GW, which is planned to rise to 2.7 GW and higher in Phase 2. Additionally, the project will produce green ammonia, with a target of around 330,000 tonnes per year in the first phase. Oman has set ambitious targets in the green hydrogen sector, aiming to produce 1 million tonnes annually by 2030, with further expansion plans of reaching 3.75 million tonnes by 2040 and 8.5 million tonnes by 2050. The International Energy Agency forecasts that Oman is on track to become the largest green hydrogen exporter in the Middle East by 2030 and the sixth-largest globally. OQ, owned by the Oman Investment Authority, plays a key role in this initiative, with Hydrom holding a 47-year license to develop and operate the Hyport Duqm project.