Oracle Power Completes Feasibility Study for Green Hydrogen and Ammonia Project

London-listed natural resources and power company, Oracle Power, saw its shares rise by 14% following the announcement that it has successfully completed its technical and commercial feasibility study for its green hydrogen and ammonia project in Pakistan. The project is being developed by Oracle Energy, a joint venture company, and aims to establish a 400 megawatt capacity production facility for green hydrogen, with an annual production target of 55,000 metric tons. This environmentally-friendly hydrogen will be produced using renewable energy sources.

Situated in the Sindh province, the project plans to utilize 700MW of solar power and 500MW of wind power to generate the hydrogen. Chief of Technology, Naveed Akhtar, expressed confidence in the project, stating that the study's results align with industry expectations seen in similar green hydrogen initiatives globally.

Moving forward, Oracle Energy will begin negotiations for firm offtake agreements with selected partners, while also progressing with the front-end engineering and design work for the project. Once these steps are completed, the project will move onto the pre-final investment decision phase.