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Companies are facing intense and increasing investor scrutiny around environmental, social and corporate governance (ESG) factors. Emissions, once the domain of the environmental engineers and sustainability and reporting groups, has become a boardroom and AGM topic, propelled by high-profile initiatives like the Task Force on Climate-related Financial Disclosure and increased transparency around Scope 1, 2 and 3 emissions. Investor and customer pressure on companies to deliver cleaner, lower emissions energy is ramping up. Changing regulation compounds the situation, making management and reporting of emissions even more complex to manage.
The partnership opportunity is designed to spur the development of next-generation tools and technologies that will become widely adopted throughout the energy sector to reduce the risk that a cyber incident could disrupt the country’s energy system. ExxonMobil has committed $100 million over 10 years to work with the National Renewable Energy Laboratory and the National Energy Technology Laboratory to bring lower-emissions technology to commercial scale. The US Department of Energy has announced up to $20 million in federal funding for cooperative agreements that will help accelerate the deployment of carbon capture, utilization, and storage.
Senior oil and gas professionals see hydrogen as a significant part of the global energy mix by 2030. Gassnova has assigned Statoil to evaluate the development of carbon storage on the Norwegian continental shelf. This will be the first storage site in the world receiving carbon dioxide from several industrial sources.
The largest US clean energy incubator has selected the city as the site for its second location, expanding Houston’s role as energy capital of the world beyond oil and gas. As industry imposes work from home, health checks, and other severe measures, could digitalization provide relief? The partnership will fund research projects that aim to improve the understanding of the environmental impacts of decommissioning and provide guidance on best options from an environmental perspective. Chevron Technology Ventures has joined a consortium in a $16-million investment in a company that provides portable carbon-capture technology. Chevron has evacuated all of its American oil workers from Iraq following the recent US airstrike in Baghdad.
In July 2017, the SPE Board approved the CO2 Storage Resources Management System (SRMS). The document, written by a subcommittee of the Carbon Dioxide Capture, Utilization and Storage Technical Section (CCUS), establishes technically-based capacity and resources evaluation standards. Would you like to be kept informed about new publications and activities related to this topic? Please complete the form below.
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Two technologies that may play a part in the decarbonization of the UK energy business are carbon capture, use, and storage and the use of hydrogen as an energy carrier and energy storer. This approach builds on the UK’s gas-network infrastructure, which can be repurposed to avoid becoming stranded. Westwood Global Energy’s analysis looks at production, cost, and revenue estimates in the UK and Norway, should oil prices remain low. The research group also provided an outlook on drilling activity. More than 200 companies could become insolvent in the UK and Norway.
After 4-1/2 years out of service, the massive Wafra oil field in the Saudi-Kuwaiti Onshore Partitioned Neutral Zone, is set to resume production sometime soon and ensuring a smooth restart is no small order. McDermott will work exclusively with Zamil Offshore to provide Saudi Aramco with maintenance, modifications and operations services. Megaprojects have come to define many of the world’s new resource projects but they are also a testament to the awesome engineering capabilities of the oil and gas industry. Find out who took home this year’s honors. A demonstration project of carbon capture, utilization, and storage through enhanced oil recovery was conducted in Saudi Arabia.
Briefly stated, carbon capture and sequestration (CCS) will help us to sustain many of the benefits of using hydrocarbons to generate energy as we move into a carbon-constrained world. Even though the CO2 generated by burning hydrocarbons cannot always be captured easily in some cases (as in oil used for transportation), sequestration of CO2 from other sources (such as coal-fired power stations) can help to create, to some degree, the “headroom” needed for the volumes of CO2 that escape capture. Because of the likely continuing competitive (direct) cost of hydrocarbons and in light of the huge investment in infrastructure already made to deliver them, the combination of fossil fuel use with CCS is likely to be emphasized as a strong complement to strategies involving alternative, nonhydrocarbon sources of energy. Moreover, the exploitation of heavy oil, tar sands, oil shales, and liquids derived from coal for transportation fuel is likely to increase, even though these come with a significantly heavier burden of CO2 than that associated with conventional oil and gas. CCS has the potential to mitigate some of this extra CO2 burden. If we wish to sustain the use of oil, gas, and coal to meet energy demands in a carbon-constrained world and to provide time to move toward alternative energy sources, then it will be necessary to plan for and implement CCS over the coming decades. Subsequently, we should expect a continued need for CCS beyond the end of the century.