ExxonMobil Increases Participation in Scotland Carbon Capture and Storage Project
October 06 2021 - 3:00AM
Business Wire
- Expression of Interest signed to study storing emissions from
Fife Ethylene Plant to Acorn carbon capture and storage
project
- Adds to previously announced study focused on emissions from St
Fergus gas terminals
- Project would capture, transport and store CO2 in secure
reservoirs beneath the North Sea
ExxonMobil has increased its participation in the proposed Acorn
carbon capture project in Scotland by signing an Expression of
Interest to capture, transport and store CO2 from its Fife Ethylene
Plant.
The agreement to include the ethylene plant, located in
Mossmorran, Scotland, is in addition to an earlier announced
Memorandum of Understanding to capture and store emissions from gas
terminals at the St Fergus complex at Peterhead, Scotland, which
includes ExxonMobil’s joint venture gas terminal.
The initial phase of Acorn, which is bidding to be in the first
wave of carbon capture clusters to be announced by the UK
government, has the potential to deliver more than half of the
country’s target of capturing and storing 10 million metric tons
per year of CO2 by 2030. When expanded further, it will have the
potential to store more than 20 million metric tons per year of CO2
by the mid-2030s.
“The application of carbon capture and storage technology at the
Fife Ethylene Plant demonstrates our commitment to reducing CO2
emissions from the industrial sector,” said Joe Blommaert,
president of ExxonMobil Low Carbon Solutions. “With the right
government policies in place and industry collaboration, the carbon
capture and storage opportunities we are evaluating, such as in
Scotland, have the potential to move forward with current
technologies for large-scale, game-changing emissions
reductions.”
The Acorn project recently announced plans to capture and store
CO2 from the Grangemouth Refinery, and the addition of Mossmorran
facilities will help Scotland reduce emissions in its industrial
sector.
“The Acorn project has the potential to capture and store CO2
emissions from Scotland’s largest industrial center, which is an
economic engine for the country,” said Martin Burrell, plant
manager of the Fife Ethylene Plant. “This agreement allows us to
explore the potential for significant emissions reduction through
carbon capture and storage, and ensure Scotland continues to
benefit from vital manufacturing facilities such as Fife.”
The Fife Ethylene Plant recently completed a $170 million (£140
million) investment program to upgrade key infrastructure and
introduce new technologies that will significantly improve
operational reliability and performance. A further project is
underway to install an enclosed ground flare. On schedule to be
operational by the end of 2022, the unit is designed to
significantly reduce noise, light and vibration, and it is
estimated the investment will reduce the use of the plant’s
elevated flare by at least 98 percent.
These investments, together with ExxonMobil’s participation in
the Acorn project, demonstrate a commitment to reducing emissions
and to Fife’s future as a competitive asset.
ExxonMobil Low Carbon Solutions is evaluating several other
carbon capture and storage projects around the world, including in
Rotterdam, Netherlands; Normandy, France; LaBarge, Wyoming; and a
world-scale carbon capture and storage hub concept in Houston,
Texas. The company has an equity share in approximately one-fifth
of global CO2 capture capacity and has captured approximately 40
percent of all the captured anthropogenic CO2 in the world.
ExxonMobil established its Low Carbon Solutions business to
commercialize low-emission technologies. It is initially focusing
its carbon capture 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 pursuing strategic investments in
biofuels and hydrogen to bring those lower-emissions energy
technologies to scale for hard-to-decarbonize sectors of the global
economy.
The International Energy Agency projects that carbon capture and
storage 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 its
wide-scale deployment.
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.
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Cautionary Statement: Statements of future events,
investment opportunities or conditions in this release are
forward-looking statements. Actual future results, including
project plans, timing, volumes, and costs; future relative
reductions in emissions and emissions intensity; carbon capture,
hydrogen, and biofuel deployment and results; and the impact of
operational and technology efforts could vary depending on the
results of future study and research efforts, including the ability
to scale projects and technologies on a commercially competitive
basis; any changes in plans or objectives upon final project
approvals; 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, hydrogen,
biofuels, and emission reductions; changes in laws and regulations
including laws and regulations regarding greenhouse gas emissions,
carbon costs, and taxes; the outcome of commercial negotiations;
the effectiveness of cooperative efforts to develop technologies
and projects; trade patterns and the development and enforcement of
local, national and international mandates and treaties; unforeseen
technical or operational difficulties; 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.
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