Carbon capture and storage
Providing industry solutions needed to help reduce emissions during the energy transition.
We’re a global leader in carbon capture and storage
What is carbon capture and storage (CCS)? It’s capturing CO2 that otherwise would be released into the atmosphere, and injecting it into geologic formations deep underground for safe, secure and permanent storage. It’s a readily available technology that can significantly reduce emissions from sectors like refining, chemicals, cement, steel and power generation.
ExxonMobil is a global leader in CCS – a position further enhanced by our acquisition of Denbury Inc.
Our carbon capture and storage network just got a lot bigger
With our acquisition of Denbury Inc., ExxonMobil has significantly expanded our carbon capture and storage (CCS) network in the U.S. – giving us even more options to economically reduce carbon dioxide (CO2) emissions for key U.S. industries. Our combined assets now include:
- More than 1,500 miles of CO2 pipeline owned and operated – largest network in the U.S.
- Access to more than 15 onshore sites for CO2 storage
- The potential to reduce CO2 emissions by > 100 million metric tons a year
Policy is key in how industry can scale carbon capture and storage
Carbon capture and storage is one of the few proven technologies with the potential to significantly reduce emissions from certain hard-to-decarbonize sectors, such as manufacturing and heavy industry. However, new U.S. policies are needed to spur the investment required to deploy CCS at such a pace and scale. Here are the key and immediate actions required to continue moving forward:
Enhance the CCS Production Tax Credit (45Q) for non-EOR (enhanced oil recovery)
- Initially increase value to ~$100 per metric ton from current $85
- Extend eligibility period to 30 years from current 12 years
- Eliminate deadline for starting construction
Ensure government approval for CO2 storage
- Specifically allow offshore storage of CO2 from sources other than coal
- Authorize the Bureau of Ocean Energy Management to issue leases, rights of way and pore space
- Clarify that the U.S. Environmental Protection Agency has authority for permitting CO2 injection in subsea formations
Provide financial support for CCS infrastructure
- Provide a $10 billion grant to help develop infrastructure in Houston by extending current U.S. Department of Energy programs beyond research, development and demonstration (RD&D)
- Expand the U.S. Department of Energy Title XVII program to include the deployment of existing CCS technologies at scale
- Amend TIFIA (Transportation Infrastructure Finance and Innovation Act) to add CCS projects, or create a program dedicated to CCS
"With our demonstrated leadership in carbon capture and emissions reduction technologies, ExxonMobil is committed to meeting the demand for affordable energy while reducing emissions and managing the risks of climate change."
The people driving ExxonMobil’s net-zero ambition: Erik Oswald
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Low Carbon Solutions
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