DEME and OQ join forces with bp for HYPORT Duqm project in Oman
DEME and OQ recently reached an agreement to have bp as an equity partner and operator in the HYPORT Duqm project. bp will acquire a 49% stake, while OQ and DEME will each maintain a 25.5% stake in the project company. The agreement will enable bp to become part of the green hydrogen project situated in the Special Economic Zone at Duqm (SEZAD), Oman. The transaction will be completed in Q3 2024.
The first operational, large-scale green hydrogen project in Oman HYPORT Duqm is being developed on an area of 150 km² within the Special Economic Zone at Duqm in Oman. The production of green hydrogen to green ammonia will be powered by both wind and solar energy, with a combined capacity of approximately 1.3 GW under Phase 1 and potentially more than 2.7 GW upon completion of Phase 2.
The downstream operations plan is to be fully integrated with the state-of-the-art infrastructure at the Port of Duqm to handle green molecules and channel them for export into European and Asian markets. The molecules could possibly serve to apply across several industries that are on their path to sustainable decarbonization. Currently, the project is in the pre-front-end engineering design phase, with the commercial operations date scheduled for 2030-2031.
In June 2023, DEME and its development partner OQ, the leading global integrated energy group in Oman, signed a Project Development Agreement with Hydrom, which represents Oman’s national interest in green hydrogen and is regulated by the Ministry of Energy and Minerals.
DEME is a leading contractor in the fields of offshore energy, environmental remediation, dredging and marine infrastructure. DEME also engages in concessions activities in offshore wind, marine infrastructure, green hydrogen, and deep-sea mineral harvesting.
