Oil industry gears up to tap U.S. climate bill for carbon capture projects

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‘This is going to unlock a significant amount of emissions that could become economic for capture’

Carbon capture and storage hubs that take gases from chemical, power and gas producers and oil refineries have become the energy industry’s preferred way to combat climate warming. But large-scale development has snagged over costs and lack of guaranteed revenue.

“It’s a pretty big deal,” said Tim Duncan, chief executive of Talos Energy Inc, an offshore oil and gas producer that is building a business around carbon sequestration. Talos has launched four projects and signed up big backers including Freeport LNG and Chevron Corp. A massive expansion of carbon capture is vital to reaching net-zero emissions by 2050, according to energy consuming nations advocate, the International Energy Agency . The sector must go to storing 7.6 billion tonnes a year from around 40 million tonnes currently.

“With $85 a ton, I think you can get another billion tons,” he said. “It starts to look like an attractive investment.”Larger projects, such as that advanced by Exxon Mobil Corp , which floated a $100 billion plan for a massive carbon hub serving refineries and chemical plants, will need carbon taxes and other initiatives, said analysts.

 

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And who ultimately will be paying but the consumer? This is insanely expensive.

Retrofiting industrial processes shoukd be on the table...cut emissions air and water with tech advancements

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