ExxonMobil Sees Carbon Capture Market at $4 Trillion by 2050

Wednesday, April 20, 2022

ExxonMobil Corp. 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.

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

Carbon capture is an important emissions reduction technology, according to the International Energy Agency (IEA). It involves the capture of CO2 from fuel combustion or industrial processes, transporting it via ship or pipeline, to be stored underground in geological formations or used as a resource to create products.

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 (IPCC) point the technology as key to mitigating the effects of global warming.

Exxon is under public pressure to reduce its total emissions as its energy transition strategy does not include renewable sources of energy like solar and wind. It has recently hired Dan Ammann, who led the Cruise self-driving unit of General Motors Co GM.N until December, to lead its Low Carbon business starting on May 1.

U.S. oil producer Occidental Petroleum, developing the world's largest project to extract CO2 from the air, has previously estimated CCS could become a $3-5 trillion global industry. The technology could generate as much in earnings and cash flow for Occidental than oil and gas today, Chief Executive Vicki Hollub said at a conference in March.

(Reporting by Sabrina Valle; Editing by Aurora Ellis)


Categories: Energy Industry News Activity Decarbonization Carbon Capture CCS

Related Stories

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

PTTEP Buys Chevron's Hess Unit Share of Southeast Asia’s Offshore Block for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

China Rolls Out 17MW Floating Wind Turbine Prototype

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

MODEC, Carbon Clean to Advance FPSO-Mounted Carbon Capture Tech

Current News

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

Sapura Energy Rebrands to Vantris Energy

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com