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