> Exxon’s vision is that eventually these pipelines will ferry CO2 captured from industrial point sources like cement and steel plants, and potentially from natural gas power plants, and transport it to underground rock formations or old oil wells where it could be buried (Denbury also owns a number of large sites for carbon sequestration). Color me skeptical. The article offers no supporting evidence that this is Ex…
It sounds more like an excuse to continue to output oil while doing absolutely nothing to stop the further degradation of out environment.
You see, companies get charged for the carbon they emit, not the carbon that their customers emit.
An oil refinery is an ideal place to implement carbon capture because it is a concentrated source of emissions and is already using technology such as amine strippers that one would use for carbon capture. Refineries burn a lot of fuel to produce hydrogen and process heat and those could be replaced with green hydrogen or pink hydrogen, heat could be derived from resistive heating, nuclear HTGR or adiabatic compression in turbines. What CO2 is produced can be pumped underground into saline aquifers.
The Biden administration is interested in subsidizing such development in the ‘Refinery Row” of the U.S. South and it is something they are equipped to succeed at because they have the geology, industrial concentration, skills and attitude to pull it off.
A net-zero Exxon would still have to decarbonize production and that is harder than the refinery but they could buy some offsets (or themselves implement with direct carbon capture, BECCS, etc.) It would be a lot cheaper than buying offsets for their customers but who knows they might sell those too.