Exxon Plans $400 Million Expansion of Carbon Capture Facility in Wyoming
October 21 2021 - 9:29AM
Dow Jones News
By Dan Molinski
Exxon Mobil Corp. said Thursday it plans to spend about $400
million expanding its carbon capture and storage facility in
LaBarge, Wyo.
The Wyoming site has already captured more carbon dioxide than
any other facility in the world, at about 6-to-7 million metric
tons of CO2 each year, or nearly 20% of all C02 captured globally,
Exxon said. The expansion project will allow it to capture an
additional 1 million tons per year of carbon, it said.
"The expansion of our carbon capture and storage operations at
LaBarge underscores our commitment to advancing CCS projects around
the world," said Joe Blommaert, president of ExxonMobil Low Carbon
Solutions.
Carbon capture and storage is a way of reducing emissions, which
could be critical in the fight against global warming. Major oil
companies such as Exxon and Chevron have ratcheted up efforts in
recent years to reduce their carbon footprints--in some cases due
to pressure from activity investors--by investing in carbon capture
and other technologies.
Carbon capture is seen as one way for oil companies to be able
to keep producing all of the oil and gas needed to heat people's
homes and power people's cars while still reducing pollution and
trying to tackle climate change. But some climate advocates have
criticized such efforts, saying the focus should be less on
cleaning up carbon or storing C02 emissions, and more on
transitioning away from fossil fuels altogether to move instead to
renewable energy such as solar and wind.
Global oil consumption that was just above 100 million barrels a
day before the coronavirus pandemic hit fell to just 85 million
barrels a day in May 2020, but has already rebounded to 99 million
and will be back near pre-pandemic levels sometime next year,
according to the latest data from the U.S. government's Energy
Information Administration.
Exxon said a final investment decision on the LaBarge facility
expansion is expected next year, and operations could begin in
2025.
Write to Dan Molinski at dan.molinski@wsj.com
(END) Dow Jones Newswires
October 21, 2021 09:14 ET (13:14 GMT)
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