Exxon Working On CO2 Storage In Depleted Fields Off Australia
U.S. energy supermajor ExxonMobil has announced that it was undertaking early front-end engineering design studies (pre-FEED) to determine the potential for carbon capture and storage to reduce greenhouse gas emissions from multiple industries in the Gippsland Basin.
The Southeast Australia carbon capture and storage hub – also known as the SEA CCS – would initially use existing infrastructure to store CO2 in the depleted Bream field off the coast of Gippsland, Victoria.
The company said that it was in active discussions with local industries which may be interested in accessing the SEA CCS hub to reduce emissions from their operations.
According to ExxonMobil, the project is designed to capture up to 2 million metric tons of CO2 per year. If technical and business feasibility is confirmed, the SEA CCS hub could be operational by 2025.
“Collaboration with other industries is an important step to unlock future carbon capture and storage opportunities for Australia, with the potential for large-scale reductions in the highest emitting industrial sectors,” said Joe Blommaert, president of ExxonMobil Low Carbon Solutions.
“Sound government policies will accelerate the deployment of key technologies required to support society’s ambition for a net-zero future,” Blommaert added.
ExxonMobil established its Low Carbon Solutions business to commercialize the company’s extensive lower-emission portfolio with the objective to create long-term shareholder value and support global emission-reduction efforts.
Low Carbon Solutions is focused on commercializing lower-emission business opportunities in carbon capture and storage, hydrogen, and lower-emission fuels, by leveraging the skills, knowledge, and scale of ExxonMobil.
The company has more than 30 years of experience capturing CO2 and has cumulatively captured more human-made CO2 than any other company. It has an equity share of about one-fifth of the world’s carbon capture and storage capacity at about 9 million metric tons per year.
It is worth noting that ExxonMobil directors recently advised shareholders to vote against a climate proposal submitted by green shareholder Follow This that requests Paris-consistent emissions reductions targets.
At the time, Mark van Baal – the founder of Follow This – said: "The rejection of this climate resolution shows the board does not want to commit to the Paris Climate Agreement. In May, responsible investors will show ExxonMobil that Scope 3 is essential to mitigate the climate crisis by voting for this climate proposal, as they did with its peers Shell, BP, Equinor, Chevron, ConocoPhillips, and Phillips66 who all followed the same pattern.”
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