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CERAWEEK: Petroleum sector looks to build on carbon capture for more ‘carbon-neutral’ oil
The global oil industry aims to lean more on carbon capture, utilization and storage technologies as it seeks to deliver more “carbon-neutral” crude oil shipments in order to emerge as more of an ally within the ongoing energy transition, industry experts said March 1 on the opening day of CERAWeek by IHS Markit 2021.
Major Permian Basin producer Occidental Petroleum is the industry leader in using carbon dioxide for enhanced oil recovery in its wells, and Oxy said on Feb. 1 it made the first “carbon-neutral” major petroleum shipment when it sent 2 million barrels of crude to Reliance Industries in India from the US Gulf Coast. But this is just a first step and much more progress is needed to turn around global carbon emissions, officials said at the conference.
The Global Energy Agenda with results of recent surveys of ‘global energy leaders.’
When asked which carbon-free energy technologies will see the greatest increase in investment in 2021, most respondents (31%) said hydrogen, followed by battery storage (23%), prompting the think tank to suggest that 2021 might be ‘the year of hydrogen.’
Experts and entrepreneurs, speaking on a panel entitled ‘Accelerating the hydrogen economy,’ also expressed cautious enthusiasm. They shared their views on how to move hydrogen from what is a nascent technology to one that works at scale, looking for the tipping points.
Molecules vs. electrons
Hydrogen is anticipated to be a versatile intermediary in a carbon-free energy system, an energy carrier in the form of ‘green molecules’ derived from electricity produced by nuclear, hydro, renewable and other non-carbon and low-carbon sources. Fossil fuels equipped with carbon capture to make so-called ‘blue hydrogen’ are also antici