MOSCOW (MRC) -- ExxonMobil estimates there will be a USD4 T market by 2050 for capturing CO2 and storing it underground, reported Reuters with reference to the company's statement in a presentation.
That is about 60% of the USD6.5 T market the US largest crude producer estimates for oil and gas by then.
Carbon capture is an important emissions reduction technology, according to the International Energy Agency. It involves the capture of CO2 from fuel combustion or industrial processes, transporting it via ship or pipeline, to be stored underground in geological formations or used as a resource to create products.
Large oil companies have been investing to make carbon capture and storage (CCS) a relevant business as international bodies such as Intergovernmental Panel on Climate Change (IPCC) point the technology as key to mitigate the effects of global warming.
Exxon is under public pressure to reduce its total emissions as its energy transition strategy does not include renewable sources of energy like solar and wind. It has recently hired Dan Ammann, who led the Cruise self-driving unit of General Motors Co until December, to lead its low carbon business starting on May 1.
As MRC wrote previously, earlier this month, SEE, ExxonMobil, and Ahold Delhaize USA announced their collaboration on an advanced recycling initiative, the first of its kind in the US. The project recycles flexible plastics from the food supply chain and remakes them into new, certified circular food-grade packaging. The initiative is expected to begin this summer and scale over time.
We remind that in February, 2022, ExxonMobil and SABIC successful started up Gulf Coast Growth Ventures world-scale manufacturing facility in San Patricio County, Texas. The new facility will produce materials used in packaging, agricultural film, construction materials, clothing, and automotive coolants. The operation includes a 1.8 MM metric tpy ethane steam cracker, two polyethylene (PE) units capable of producing up to 1.3 MM metric tpy, and a monoethylene glycol (MEG) unit with a capacity of 1.1 MM metric tpy.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC''s ScanPlast report, Russia's estimated PE consumption totalled 2,487,450 tonnes in 2021, up by 13% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market totalled 1,494.280 tonnes, up by 21% year on year. Deliveries of homopolymer PP and PP block copolymers increased, whreas, shipments of PP random copolymers decreased significantly.
ExxonMobil is the largest non-government owned company in the energy industry and produces about 3% of the world's oil and about 2% of the world's energy.