ExxonMobil Plans to Increase Carbon Capture at LaBarge, Wyoming Facility
October 21 2021 - 8:00AM
Business Wire
- Annual carbon captured to increase approximately 1 million
metric tons
- Bids requested for engineering, procurement and construction to
expand carbon capture
- Estimated $400 million investment advances commitment to CO2
emission reduction
ExxonMobil today initiated the process for engineering,
procurement and construction contracts as part of its plans to
expand carbon capture and storage (CCS) at its LaBarge, Wyoming
facility, which has already captured more CO2 than any other
facility in the world. The expansion project will capture up to 1
million metric tons of CO2, in addition to the 6-7 million metric
tons already captured at LaBarge each year.
“The expansion of our carbon capture and storage operations at
LaBarge underscores our commitment to advancing CCS projects around
the world,” said Joe Blommaert, president of ExxonMobil Low Carbon
Solutions. “This technology is critical to help meet society’s
lower-emissions goals, and with the right policies in place, is
immediately deployable. ExxonMobil has long supported policies that
provide a predictable price on carbon emissions, which enable new
or expanded carbon capture and storage investments.”
The LaBarge expansion project is in the design and permitting
phase and a request for bids for engineering, procurement and
construction contracts has been issued to third parties. A final
investment decision is expected in 2022 and will be based on
several factors, including regulatory approvals. Operations could
start as early as 2025.
The proposed $400 million investment is the latest in multiple
expansions of carbon capture at LaBarge. The location currently
represents nearly 20% of all CO2 captured in the world each year.
The expansion will further mitigate emissions by capturing up to an
additional 1 million metric tons of CO2 each year.
ExxonMobil Low Carbon Solutions is evaluating several other
large-scale carbon capture and storage projects in the US Gulf
Coast, Europe and Asia. The company has an equity share in
approximately one-fifth of global CO2 capture capacity and has
captured approximately 40% of all the captured anthropogenic CO2 in
the world.
In addition to producing natural gas, LaBarge is one of the
world’s largest sources of helium and produces approximately 20% of
global supply. Helium is a critical component in many fields,
including scientific research, magnetic resonance imaging,
high-tech manufacturing (semi-conductors), space exploration, and
national defense.
ExxonMobil continues to advocate for an explicit price on carbon
to incentivize further public and private investments such as the
LaBarge expansion, in the highest emitting sectors vital to
society’s growing needs.
ExxonMobil established its Low Carbon Solutions business to
commercialize low-emission technologies. It is initially focusing
its carbon capture and storage efforts on point source emissions,
the process of capturing CO2 from industrial activity that would
otherwise be released into the atmosphere, and injecting it into
deep underground geologic formations for safe, secure and permanent
storage. The business is also evaluating strategic investments in
biofuels and hydrogen to bring those lower-emissions energy
technologies to scale for the highest emitting sectors of the
global economy.
The International Energy Agency projects CCS could mitigate up
to 15% of global emissions by 2040, and the U.N. Intergovernmental
Panel on Climate Change estimates global decarbonization efforts
could be twice as costly without wide-scale deployment of carbon
capture and storage.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy companies, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, 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.com, the
Energy Factor and Carbon capture and storage | ExxonMobil.
Follow us on Twitter and LinkedIn.
Cautionary Statement: Statements of
future events, investment opportunities or conditions in this
release are forward-looking statements. Actual future results,
including project plans, timing, results, and costs, future
reductions in emissions and emissions intensity, carbon capture
results and the impact of operational and technology efforts could
vary depending on any changes in plans upon final approval of this
project; the ability to execute operational objectives on a timely
and successful basis; the ability to obtain and timing of required
governmental and other third party consents; the development and
pace of supportive market conditions and national, regional and
local policies relating to carbon capture and emission reductions;
changes in laws and regulations including laws and regulations
regarding greenhouse gas emissions, carbon costs, and taxes; trade
patterns and the development and enforcement of local, national and
international mandates and treaties; unforeseen technical or
operational difficulties; the outcome of research efforts and
future technology 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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211021005217/en/
ExxonMobil Media Relations (972) 940-6007
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Apr 2024 to May 2024
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From May 2023 to May 2024