IRVING, Texas–(BUSINESS WIRE)–February 25, 2022–
ExxonMobil has made a final investment decision to expand carbon capture and storage at its LaBarge, Wyoming facility, which has captured more CO 2 than any other facility in the world to date. The expansion project will capture up to 1.2 million metric tons of CO 2 , in addition to the 6 to 7 million metric tons captured at LaBarge each year.
“Carbon capture and storage is a readily available technology that can play a critical role in helping society reduce greenhouse gas emissions,” said Joe Blommaert, president of ExxonMobil Low Carbon Solutions. “By expanding carbon capture and storage at LaBarge, we can reduce emissions from our operations and continue to demonstrate the large-scale capability of carbon capture and storage to address emissions from vital sectors of the global economy, including industrial manufacturing.
ExxonMobil completed preliminary engineering and design work for the project in December 2021 and expects to issue the engineering, procurement and construction contract in March. Pending regulatory approvals, start-up is estimated in 2025.
The expansion is part of the company’s 2030 emissions reduction plans and supports the company’s ambition to achieve net zero greenhouse gas emissions (Scopes 1 and 2) for its assets in operation by 2050. By capturing an additional 1.2 million metric tons of CO 2 each year, ExxonMobil can reduce greenhouse gas emissions from its upstream operated emissions by 3%. The LaBarge facility currently captures nearly 20% of all man-made CO 2 captured annually worldwide.
“Our state has always been a leader in Carbon Capture, Utilization and Sequestration (CCUS) and we are excited to see projects like this advancing this technology. Wyoming and our industries do more than talk about carbon capture technologies. We help develop and deploy them,” Wyoming Governor Mark Gordon said. “This announcement is a great example of what industry can do to reduce greenhouse gas emissions and develop resources. I am delighted that ExxonMobil has decided to move forward with its expansion into Wyoming. This helps Wyoming advance its commitment to developing the technology to become carbon negative. »
In addition to producing natural gas, ExxonMobil’s LaBarge facility is one of the world’s largest sources of helium, producing about 20% of the world’s supply. Helium is an essential component of healthcare equipment such as magnetic resonance imaging, high-tech products including fiber optics and semiconductors, and materials for space travel.
ExxonMobil established its Low carbon solutions companies to commercialize low-emission technologies. It initially focuses on carbon capture and storage, hydrogen and biofuels – technologies where the company can leverage its core competencies and competitive advantages. Over the next six years, the company plans to invest more than $15 billion in emissions reduction initiatives.
Sound government policies will accelerate the deployment of key technologies at the pace and scale required to support a net zero societal future.
ExxonMobil has over 30 years of CO₂ capture experience and has accumulated more anthropogenic CO₂ than any other company. It holds a share of about one-fifth of the world’s carbon capture and storage capacity, or about 9 million metric tons per year.
ExxonMobil is committed to helping society reduce overall greenhouse gas emissions by decreasing the company’s Scope 1 and 2 emissions intensity and developing and deploying emissions reduction technologies and products. . Increasing the supply of products with lower life-cycle greenhouse gas emissions enables the shift to higher-emitting alternatives.
ExxonMobil, one of the world’s largest publicly traded energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading resource inventory, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.comthe Energy factor and Carbon capture and storage | ExxonMobil.
Caution: Statements of future events, investment opportunities or conditions in this release are forward-looking statements. Actual future results, including plans, schedule, project results and costs, future emission and emission intensity reductions, carbon capture results, and the impact of operational and technological efforts may vary depending on any changes to plans upon final approval of this project; the ability to execute operational objectives in a timely and successful manner; the ability to obtain and the timing of required consents from government and other third parties; the development and pace of favorable market conditions and national, regional and local policies relating to carbon capture and emission reduction; changes in laws and regulations, including laws and regulations regarding greenhouse gas emissions, carbon costs and taxes; trade patterns and the development and application of local, national and international mandates and treaties; unforeseen technical or operational difficulties; the outcome of future research efforts and technological developments, including the ability to scale projects and technologies on a commercially competitive basis; changes in supply and demand and other market factors affecting future prices for oil, gas and petrochemicals; 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.
The term “ExxonMobil” is used for convenience and may include one or more members of Exxon Mobil Corporation or any directly or indirectly managed affiliates.
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CONTACT: ExxonMobil Media Relations
KEYWORD: TEXAS WYOMING UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OIL/GAS ENERGY
SOURCE: Exxon Mobil Corporation
Copyright BusinessWire 2022.
PUBLISHED: 2/25/2022 8:50 a.m. / DISK: 2/25/2022 8:52 a.m.
Copyright BusinessWire 2022.