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Global Warming: ExxonMobil Creates Business To Commercialize Emission-reduction Technology

ExxonMobil has created a new business, ExxonMobil Low Carbon Solutions, to commercialize its low-carbon technology portfolio. The new business will initially focus on carbon capture and storage and hydrogen.

ExxonMobil Low Carbon Solutions is advancing plans for more than 20 new carbon capture and storage opportunities and plans to invest $3 billion on lower emission energy solutions through 2025.

New CCS projects and partnerships under evaluation include the US Gulf Coast where ExxonMobil is assessing multiple 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 Southeast Texas.

In the Netherlands, ExxonMobil has executed a joint development agreement to advance its interest in the Port of Rotterdam CO2 Transportation Hub and Offshore Storage project (Porthos). The project aims to collect CO2 emissions from industrial sources and transport them by pipeline to depleted North Sea offshore gas fields. Porthos and its potential customers have applied for EU and national support mechanisms.

In Qatar, ExxonMobil is a partner in several existing joint ventures with Qatar Petroleum that operate a CCS project with an annual capacity of 2.1 million tonnes at Ras Laffan. ExxonMobil 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 9 million tpy. Other technology focus areas in ExxonMobil’s low carbon portfolio will be added in the future as they mature to commercialization.

Source: OGJ

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