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ExxonMobil creates new business to commercialise emissions reduction technology
ExxonMobil has created a new business to commercialise its low carbon technology portfolio. The new business, ExxonMobil Low Carbon Solutions, will initially focus on carbon capture and storage (CCS), one of the critical technologies required to achieve net zero emissions and the climate goals outlined in the Paris Agreement.
The new business unit is advancing plans for more than 20 new CCS opportunities around the world to enable large-scale emission reductions. ExxonMobil plans to invest $3bn on lower emission energy solutions through 2025. The company reports it has an equity share in about one-fifth of current global CO2 capture capacity and has accounted for approximately 40% of all the captured anthropogenic CO2 in the world.
ExxonMobil Low Carbon Solutions will also focus on the production of hydrogen which, when coupled with CCS, is likely to play a critical role in a lower carbon energy system.
New CCS projects and partnerships under evaluation include:
- US Gulf Coast – ExxonMobil is assessing multiple CCS projects along the US Gulf Coast that have the potential to collect millions of tonnes of CO2 from industrial sources for storage in onshore and offshore geologic formations. Included in these projects is a CCS hub concept in south-east Texas.
- Wyoming, US – The company has progressed permitting for the expansion of its La Barge CCS facilities, which could enable an additional 1mn t/y of CO2 to be captured. Existing facilities currently capture approximately 7mn t/y, which is claimed to be the largest amount of CO2 captured by any industrial facility in the world.
- Netherlands – ExxonMobil has executed a joint development agreement to advance its interest in the Port of Rotterdam CO2 transportation hub and offshore storage project known as Porthos. The project aims to collect CO2 emissions from industrial sources and transport them by pipeline to depleted North Sea offshore gas fields. The company is also participating in the H-Vision study into large-scale production of low carbon hydrogen in Rotterdam.
- Belgium – ExxonMobil is participating in the multi-stakeholder CCS project at the Port of Antwerp, Europe’s largest integrated energy and chemicals cluster.
- Scotland – Through its joint venture in the SEGAL system in north-east Scotland, the company is progressing discussions to support the Acorn project, which will collect CO2 from the St Fergus gas processing complex for transport and storage in offshore gas reservoirs.
- Singapore – ExxonMobil is planning a CCS hub concept to capture, transport and permanently store CO2 generated by industrial activity in the Asia-Pacific region.
- Qatar – The company is a partner in several existing joint ventures with Qatar Petroleum that operate a CCS project with a capacity of 2.1mn t/y at Ras Laffan. It is evaluating opportunities to add additional capture capacity in the region.
The new projects will complement ExxonMobil’s current carbon capture capacity in the US, Australia and Qatar, which totals about 9mn t/y, the equivalent of planting 150mn trees every year.
ExxonMobil is also collaborating with multiple partners across industry, academia and government to advance carbon capture technologies to reduce costs and enhance scalability. This includes the company’s work with FuelCell Energy to advance carbonate fuel cell technology to more efficiently capture CO2 from industrial facilities, and Global Thermostat, a collaboration to advance efforts to capture CO2 directly from the air.