News releases June 28, 2022
ExxonMobil, CNOOC and Shell to pursue carbon capture and storage hub in China
News releases June 28, 2022
- Agreement initiates joint study to identify carbon capture and storage opportunity
- Project could capture up to 10 million metric tons of CO2 per year subject to the joint study
- Collaboration supports China’s 2060 carbon neutrality ambition
In addition to assessing the commercial opportunity for carbon capture and storage in one of China’s largest industrial areas, the companies will also evaluate the carbon policy systems in China and propose policies for consideration that would support the deployment of carbon capture and storage in Dayawan Petrochemical Industrial Park.
Initial assessments of the project indicate the potential to capture up to 10 million metric tons of CO2 per year from Dayawan’s industrial sector, supporting China’s ambition of carbon neutrality by 2060. The project could also serve as a model for the chemical industry as one of the first petrochemical projects to be decarbonized.
“Collaboration with government and industry is an important part of unlocking future carbon capture and storage opportunities, with the potential for large-scale reductions of emissions from vital sectors of the global economy,” said Dan Ammann, president of ExxonMobil Low Carbon Solutions. “Well-designed government policies will help accelerate the broad deployment of lower-emissions technologies in support of society’s net-zero ambitions.”
While renewable technologies are important to help reach society’s net-zero objectives, carbon capture and storage is a safe, proven and consistent technology that can enable some of the highest-emitting sectors such as manufacturing, power generation, refining, petrochemical, steel, and cement industries to reduce their emissions. The prospect of bringing together public and private entities to utilize carbon capture and storage collectively to reduce industrial emissions offers tremendous opportunity.
ExxonMobil is also pursuing strategic investments in biofuels and hydrogen to bring those lower-emissions energy technologies to scale for hard-to-decarbonize sectors of the global economy, by leveraging the skills, knowledge and scale of the business. 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.
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Cautionary Statement: Statements of future events, investment opportunities projects or partnerships in this release are forward-looking statements. Actual future results, including project plans, partner participation, timing, capacities, and costs could vary depending on the ability to execute operational objectives on a timely and successful basis; the ability to scale projects and technologies on a commercially competitive basis; implementation and outcomes of projects for carbon capture and storage and other lower-emission technologies; timely completion of construction projects; commercial and consumer interest in lower-emissions opportunities; the outcome of future research and technology development programs, including the future success of collaborative efforts; the development and pace of supportive market conditions and policies including support for carbon capture and storage; the outcome of future commercial negotiations; changes in laws and regulations including environmental laws and taxes; changes in plans or objectives prior to final funding decisions or project startups; unforeseen technical or operational difficulties; changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; and other factors discussed in this release and under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at exxonmobil.com.
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