bp will exit its planned green hydrogen (H₂) production facility in Australia as the British energy major pivots back to oil and gas, a spokesperson said on Thursday.

The company has informed its partners in the Australian Renewable Energy Hub (AREH) that it intends to exit the project as operator and equity holder, the spokesperson said in an emailed statement.

The oil major has slashed planned renewables spending and refocused investments to oil and gas after underperformance in recent months led to criticism from investors.

The AREH aims to develop up to 26 gigawatts (GW) of solar and wind capacity to produce as much as 1.6 metric MMtpy of green H₂, making it one of the world's largest renewable energy projects.

bp currently has a 63.57% stake in the project, according to the company's website. The other joint venture partners include privately owned InterContinental Energy and CWP Global.