Carbon capture and storage
The early enthusiasm for carbon capture and storage (CCS) is showing signs of strain as the limited capital availability and political support become clearer.
The two companies said they will evaluate the possibility of a joint venture to develop a direct air capture hub in South Texas, with XRG considering investing up to $500 million.
The plant at Heidelberg Materials’ cement facility in Brevik, Norway, has captured its first 1,000 metric tons of carbon dioxide.
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Carbon storage is perhaps the only viable option for reducing carbon to the levels that many governments have agreed are important, and EOR is the only proven technology that can be made ready in the time and at the scale required to accomplish this reduction worldwide. -
The companies will focus on research and development to reduce CO2 emissions and promote the circular economy.
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A new joint study will test the economic viability of taking CO2 from a cement plant and giving it to an oil company to pump underground.
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Rapid scale-up of CCUS projects is critical to achieving net-zero carbon emissions by 2050.
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Rapid scale-up of carbon capture, use, and storage is essential for meeting climate and emissions targets while not crippling economic growth. Yet, its potential remains largely untapped because of reasons that include growing pains of immature technologies and uncertainty around public policy.
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Mosaic’s technology uses chemistry to remove carbon dioxide from emissions sources, and the two firms will be looking at how to scale it for industrial use.
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Using direct air capture in the near-term is critical if the technology is going to be affordable at a truly large scale in the coming decades. Enhanced oil recovery is the most-economic way to do that.
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The oil industry is investigating carbon capture and sequestration projects after Congress passed expanded tax credits last year. But questions linger about how much industry investments will actually lower greenhouse gases.
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A bipartisan group of senators introduced a bill to increase federal funding toward developing carbon capture technology while also committing to fossil fuel use.
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IPIECA, the oil and gas industry association for environmental and social issues, has released a new fact sheet in an effort to promote carbon capture and storage.
