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Shell (SHEL) Joins Forces With Worley for Hydrogen Project
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Shell plc (SHEL - Free Report) , a leading U.K.-based energy company, teamed up with Worley Limited, an Australian engineering firm, to lead the development of the Holland Hydrogen 1 (HH1) facility in Rotterdam, Netherlands. This collaboration highlights the commitment of both entities to drive the transition toward cleaner and greener energy alternatives.
Contract Details
Per the terms of the contract, Worley will provide detailed design, procurement and construction management support services for the HH1 facility. This includes a wide range of responsibilities, including the integration of related assets such as offshore wind infrastructure, pipelines, electrical grids and the refinery.
Scope of Work
The scope of work outlined by Worley extends beyond the physical construction aspects to incorporate strategic planning and project management. The company will leverage its expertise and global resources to ensure successful delivery of the HH1 facility.
Global Collaboration
Worley's dedication to the project is demonstrated by its use of both local expertise (with operations in the Netherlands) and global support from its Integrated Delivery teams (based in India). This collaborative approach emphasizes the scope of the project and the resources devoted to its success.
Alignment With Sustainability Goals
Chris Ashton, CEO of Worley, emphasized the project's alignment with Shell's broader sustainability objectives. By supporting Shell's ambition to achieve net-zero emissions by 2050, Worley reinforces its commitment to driving positive environmental outcome.
Impact and Scale
Once completed, the Holland Hydrogen 1 facility will be one of the world's largest commercial green hydrogen production facilities. With an expected daily output of 60,000 kg of renewable hydrogen, the facility will play an important role in advancing sustainable energy solutions.
Decarbonization Efforts
The renewable hydrogen produced at HH1 will initially be directed toward decarbonizing Shell's nearby refinery in Pernis. Additionally, it will support the industrial use of hydrogen, particularly in the heavy transportation sector, further contributing to carbon emission reduction efforts.
Strategic Decision Making
The final investment decision (FID) taken by Shell’s subsidiaries in the summer of 2022 underscores the strategic importance of the Holland Hydrogen 1 project. It reflects Shell's commitment to embracing innovative energy solutions to address evolving societal and environmental needs.
Industry Recognition
Anna Mascolo, executive vice president of Emerging Energy Solutions at Shell, highlighted the significance of Holland Hydrogen 1 as a model for collaborative energy solutions. The project exemplifies how various stakeholders can work together to meet the growing demand for cleaner and sustainable energy alternatives.
Conclusion
The partnership between Shell and Worley signifies a milestone in the transition toward renewable energy and sustainable practices within the energy sector. Through the development of the Holland Hydrogen 1 facility, both companies are poised to make significant contributions to reducing carbon emissions, promoting environmental stewardship and advancing the transition toward cleaner energy alternatives.
Murphy USA is valued at around $8.66 billion. In the past year, the company’s shares have surged 66%.
MUSA markets retail motor fuel products and convenience merchandise, operating retail stores under the brands Murphy USA, Murphy Express and QuickChek.
Energy Transfer is valued at $50.64 billion. The company currently pays a dividend of $1.26 per share, or 8.38%, on an annual basis.
ET is an independent energy company, principally engaged in the acquisition, exploration, development and production of crude oil and natural gas.
Subsea 7 is valued at $4.61 billion. The company currently pays a dividend of 38 cents per share, or 2.53%, on an annual basis.
SUBCY offers offshore project services for the energy industry. It specializes in subsea field development and covers project management, design, engineering, procurement, fabrication, survey, installation and commissioning of seabed production facilities.
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Shell (SHEL) Joins Forces With Worley for Hydrogen Project
Shell plc (SHEL - Free Report) , a leading U.K.-based energy company, teamed up with Worley Limited, an Australian engineering firm, to lead the development of the Holland Hydrogen 1 (HH1) facility in Rotterdam, Netherlands. This collaboration highlights the commitment of both entities to drive the transition toward cleaner and greener energy alternatives.
Contract Details
Per the terms of the contract, Worley will provide detailed design, procurement and construction management support services for the HH1 facility. This includes a wide range of responsibilities, including the integration of related assets such as offshore wind infrastructure, pipelines, electrical grids and the refinery.
Scope of Work
The scope of work outlined by Worley extends beyond the physical construction aspects to incorporate strategic planning and project management. The company will leverage its expertise and global resources to ensure successful delivery of the HH1 facility.
Global Collaboration
Worley's dedication to the project is demonstrated by its use of both local expertise (with operations in the Netherlands) and global support from its Integrated Delivery teams (based in India). This collaborative approach emphasizes the scope of the project and the resources devoted to its success.
Alignment With Sustainability Goals
Chris Ashton, CEO of Worley, emphasized the project's alignment with Shell's broader sustainability objectives. By supporting Shell's ambition to achieve net-zero emissions by 2050, Worley reinforces its commitment to driving positive environmental outcome.
Impact and Scale
Once completed, the Holland Hydrogen 1 facility will be one of the world's largest commercial green hydrogen production facilities. With an expected daily output of 60,000 kg of renewable hydrogen, the facility will play an important role in advancing sustainable energy solutions.
Decarbonization Efforts
The renewable hydrogen produced at HH1 will initially be directed toward decarbonizing Shell's nearby refinery in Pernis. Additionally, it will support the industrial use of hydrogen, particularly in the heavy transportation sector, further contributing to carbon emission reduction efforts.
Strategic Decision Making
The final investment decision (FID) taken by Shell’s subsidiaries in the summer of 2022 underscores the strategic importance of the Holland Hydrogen 1 project. It reflects Shell's commitment to embracing innovative energy solutions to address evolving societal and environmental needs.
Industry Recognition
Anna Mascolo, executive vice president of Emerging Energy Solutions at Shell, highlighted the significance of Holland Hydrogen 1 as a model for collaborative energy solutions. The project exemplifies how various stakeholders can work together to meet the growing demand for cleaner and sustainable energy alternatives.
Conclusion
The partnership between Shell and Worley signifies a milestone in the transition toward renewable energy and sustainable practices within the energy sector. Through the development of the Holland Hydrogen 1 facility, both companies are poised to make significant contributions to reducing carbon emissions, promoting environmental stewardship and advancing the transition toward cleaner energy alternatives.
Zacks Rank and Key Picks
Currently, SHELL carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like Murphy USA Inc. (MUSA - Free Report) and Energy Transfer LP (ET - Free Report) , both sporting a Zacks Rank #1 (Strong Buy), and Subsea 7 S.A. (SUBCY - Free Report) , currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Murphy USA is valued at around $8.66 billion. In the past year, the company’s shares have surged 66%.
MUSA markets retail motor fuel products and convenience merchandise, operating retail stores under the brands Murphy USA, Murphy Express and QuickChek.
Energy Transfer is valued at $50.64 billion. The company currently pays a dividend of $1.26 per share, or 8.38%, on an annual basis.
ET is an independent energy company, principally engaged in the acquisition, exploration, development and production of crude oil and natural gas.
Subsea 7 is valued at $4.61 billion. The company currently pays a dividend of 38 cents per share, or 2.53%, on an annual basis.
SUBCY offers offshore project services for the energy industry. It specializes in subsea field development and covers project management, design, engineering, procurement, fabrication, survey, installation and commissioning of seabed production facilities.