There is a lot for the fossil fuel industry in the west (IOCs) to lose - they will not make the same profits as they make from oil, and they will also lose the value of their existing assets.

This is not the case with NOCs (national oil cos) who will win on price as soon as there is competition with hydrogen: IOCs are then out of the market, almost straight away ("Saudi Arabia is the swing producer").

This is why NOCs in the MENA have spent such huge amounts of money on hydrogen - it will replace all fossil fuels - and they want to be the main suppliers. They don't mind if the profit is lower as long as they make some profit at all; they again have the low cost resource (land & gas infrastructure) & simply need to build solar & convert some infra. Oil requires rigs, refineries and oil pipelines; and in the west utilities operate gas, so this excludes the oil majors mostly.

Big oil pretends they are going into any sustainable industry - but the reality is that the top 5 in the EU have spent 8-10x more on biodiesel than hydrogen, following their recent windfall!

Your point about centralised production is not necessarily accurate: until 2035 when gas pipelines shift to hydrogen in the EU, it is still cheaper to produce hydrogen onsite for transport applications.