We use cookies
To help provide you with a good experience on our website. By continuing to browse the website, you are agreeing to our use of cookies.

ExxonMobil estimates $4 trillion CCS market by 2030

GO NET ZERO ENERGY

ExxonMobil estimates $4 trillion CCS market by 2030

US supermajor ExxonMobil estimates there will be a $4 trillion market by 2050 for capturing carbon dioxide and storing it underground, the company said in a presentation on Tuesday, reported Reuters. - UpstreamOnline

That is about 60% of the $6.5 trillion market the US largest crude producer estimates for oil and gas by then.

Carbon capture is an important emissions reduction technology, according to the International Energy Agency.

It involves the capture of CO2 from fuel combustion or industrial processes and transporting it via ship or pipeline to be stored underground in geological formations. The captured CO2 can also be used for enhanced oil or enhanced gas recovery.

Large oil companies have been investing to make carbon capture and storage (CCS) — a relevant business as international bodies such as Intergovernmental Panel on Climate Change point the technology as key to mitigate the effects of global warming, noted Reuters.

Public pressure

ExxonMobil is under public pressure to reduce its total emissions as its energy transition strategy does not include renewable sources of energy such as solar and wind.

The company recently hired Dan Ammann, who had led the Cruise self-driving unit of General Motors, to lead its Low Carbon business starting on 1 May.

US oil producer Occidental Petroleum, which is developing the world's largest project to extract CO2 from the air, earlier estimated CCS could become a $3 trillion to $5 trillion global industry annually.

The technology could generate as much in earnings and cash flow for Occidental than oil and gas does today, the company’s chief executive Vicki Hollub said at a conference in March.

Relevant news

DOWNSTREAM CENTRAL ASIA AND CASPIAN
ExxonMobil commits $1.4 billion investment to ethylene project in China
ExxonMobil shared this strategic investment news during a conference dedicated to high-quality development in Guangdong Province.
GO NET ZERO ENERGY
ExxonMobil to build CCS pilot plant with FuelCell Energy using carbonate fuel cell technology
ExxonMobil’s plans to build a pilot plant at its Rotterdam Complex with help from FuelCell Energy.
DOWNSTREAM CENTRAL ASIA AND CASPIAN
ExxonMobil China cracker project to add 2.5m tonnes year of PE, PP capacity
ExxonMobil's petrochemical project will produce 2.5 million tons of polyethylene in China.
GO DIGITAL ENERGY
Northern Lights, SLB team with Microsoft on CCS value chain digitalization
SLB and Northern Lights signed a memorandum with Microsoft to optimize cloud-based workflows of Northern Lights.
GO CIRCULAR
Pactiv Evergreen partners with ExxonMobil to leverage advanced recycling for foodservice packaging
Pactiv Evergreen and ExxonMobil will deliver certified-circular packaging solutions to major food brands.
GO NET ZERO ENERGY
Porthos gets green light from Dutch Council of State for CO2 storage
The first major CO2 transport and storage project in the Netherlands can go ahead now.