ExxonMobil Pinpoints Houston Ship Channel for Massive Carbon Capture and Storage Hub
Industry Segment: Production | Word Count: 694 Words
Attachment: Houston as CCS Hub
SUGAR LAND May 3, 2021 Researched by Industrial Info Resources (Sugar Land, Texas) There s no bones about it: The Houston, Texas, area is the ideal place for a massive buildout of carbon capture and storage (CCS) assets, Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) Chief Executive Officer Darren Woods said last week. Woods said, Houston is an ideal location for a major project. The plants along the heavily industrialized Ship Channel represent some of the hardest sectors to decarbonize. They re also relatively close together, providing project scale and reducing unit costs. Woods noted that the area s proximity to the Gulf of Mexico provided direct access to suitable storage locations, citing the U.S. Department of Energy, which says that the geology beneath the seafloor has the capacity to store 500 bill
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Alex Mills: Texas petroleum industry reverses 23 months of decline
Alex Mills
Data from a variety of sources indicate the cycle of contraction in the oil and gas industry has reversed and demand for petroleum products is returning.
The International Energy Agency (IEA) and the Energy Information Administration (EIA) at the U.S. Energy Department both released their short-termed forecasts stating economic activity is on the rise in the U.S. and globally, and they expect increases throughout 2021.
The oil and gas industry in Texas is responding with an increase in activity, according to the Texas Petro Index (TPI).
Activity in the oil patch has made gains since the historic lows witnessed last year. Employment, active drilling rigs, and commodity prices all have increased. However, not every indicator shows strength. Production has not recovered and drilling permits are down, too.
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The companies remain among the world s largest producers of oil and gas, but the coming energy transition has loomed large and stirred excitement in the last year or so, which was reflected in separate Q1 earnings calls.
Earlier this year, ExxonMobil launched its Low Carbon Solutions business to commercialize climate-change technologies and accelerate emissions reductions. It will initially focus on carbon capture and storage, or CCS, and is evaluating and in some cases advancing plans for more than 20 such projects globally, company CEO Darren Woods said.
The major s first project is a Texas hub to capture and store CO2 emissions from heavy industries around the Houston Ship Channel. It would require $100 billion of investment and aims at capturing 50 million metric tons/year of CO2 by 2030 and twice that amount by 2040. ExxonMobil unveiled the project April 19.