Chevron and Exxon Issue CCS Updates
Rigzone’s downstream readers showed much interest last week in new carbon capture and storage (CCS) developments from a pair of major oil and gas players. Read on to learn more in this review of some of the most popular recent downstream-related articles on Rigzone.
Chevron Corp. (NYSE: CVX) has revealed that its ambitious plan to inject captured carbon dioxide (CO2) underground at its Gorgon LNG complex in Australia has fallen far short of expectations. The news marks a setback for Chevron and other energy companies betting their net-zero goals on CCS technology, Bloomberg reported. The news agency added the track record of CCS technology has not been enviable to date.
Halliburton (NYSE: HAL) reported this week that it has secured a multiyear contract to provide production chemicals and associated services to an international oil company (IOC) in Oman. The service company pointed out that it will support the IOC from facilities in Oman and manufacture key raw materials at a new chemical manufacturing facility set to open this year in Saudi Arabia. Also, Halliburton stated that it plans to hire and develop Omani personnel in conjunction with the contract.
Citing its three-plus decades in CCS technology, ExxonMobil (NYSE: XOM) recently unveiled plans to participate in the Acorn CCS project in Scotland. The development aims to capture and store five to six million tons of CO2 per year by 2030 from gas terminals. ExxonMobil contends the Acorn project could eventually account for more than 50% of the U.K. government’s annual target for CO2 storage. The supermajor also pointed out that it has joined an organization that seeks to reduce carbon emissions from Scotland’s industrial facilities.
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