© Reuters. FILE PHOTO: An Exxon fuel station is seen in Houston, Texas, U.S., April 30, 2019. REUTERS/Loren Elliott
By Florence Tan
SINGAPORE (Reuters) – Exxon Mobil Corp (NYSE:) needs to construct carbon seize storage (CCS) hubs in Southeast Asia, just like its undertaking in Houston, Texas, and has began talks with some nations with potential storage choices for carbon dioxide, the corporate’s head of low carbon options stated.
Final month, the U.S. vitality main stated 11 firms have agreed to start discussing plans that would result in capturing and storing as much as 50 million tonnes per 12 months (tpy) of CO2 within the Gulf of Mexico by 2030.
“Not like in Houston, the storage capability right here will not be near the areas with the very best emissions,” ExxonMobil Low Carbon Options President Joe Blommaert stated on the Singapore Worldwide Vitality Week.
“That is why we have been finding out the idea of inserting CO2 seize hubs in a few of Asia’s heavy industrial areas corresponding to right here in Singapore after which connecting them to CO2 storage areas elsewhere within the area.”
Southeast Asia’s industrial CO2 emissions exceeded 4 billion tpy, Blommaert stated, citing 2019 information from the Worldwide Vitality Company.
ExxonMobil has listed Singapore, house to the key’s largest refining-petrochemical centre globally, as considered one of its CCS initiatives. Nonetheless, Singapore doesn’t have appropriate CO2 storage websites, a current CCS examine commissioned by Singapore authorities confirmed. International locations within the area with potential storage websites embrace Indonesia and Malaysia.
Critics say CCS will prolong the lifetime of soiled fossil fuels, however advocates, together with the IEA, see CCS as important to assist meet web zero emissions.
One other examine by the Singapore Vitality Centre, partly based by ExxonMobil, estimated practically 300 billion tonnes of CO2 storage capability in depleted oil and fuel fields and saline formations in Southeast Asia, Blommaert stated.
“We’re now working with among the nations recognized on this examine to progress potential storage areas,” he stated, with out naming the nations.
Nonetheless, for CCS to draw funding and turn into economically viable, there must be a clear carbon worth throughout nations, Blommaert stated.
“I consider a clear worth on carbon is the best option to scale back emissions on the lowest value to society,” he added.
“As a result of a lot of the world would not have carbon pricing, there is a danger that some operators will transfer to nations that don’t but worth emissions,” he stated.
Melbourne-based International CCS Institute stated in October that world plans to construct CCS initiatives surged 50% during the last 9 months.
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