IRVING, Texas–(BUSINESS WIRE)–March 1, 2022–
ExxonMobil said today it is planning a hydrogen production plant and one of the world’s largest carbon capture and storage projects at its integrated refining and petrochemicals site in Baytown, Texas, supporting efforts to reduce emissions from company operations and local industry.
“Hydrogen has the potential to dramatically reduce CO2 emissions in vital sectors of the economy and create valuable low-emission products that support modern life,” said Joe Blommaert, president of ExxonMobil Low Carbon. Solutions. “By helping to enable new markets for hydrogen and carbon capture and storage, this project can play an important role in realizing U.S. aspirations to reduce emissions.”
The proposed hydrogen facility would produce up to 1 billion cubic feet per day of “blue” hydrogen, which is an industry term for hydrogen produced from natural gas and supported by carbon capture and storage. . The carbon capture infrastructure for this project would have the capacity to transport and store up to 10 million metric tons of CO 2 per year, more than double ExxonMobil’s current capacity.
Using hydrogen as a fuel at the Baytown Olefins Plant could reduce CO2 emissions from Integrated Complex Application Areas 1 and 2 by up to 30%, supporting ExxonMobil’s ambition to achieve net zero greenhouse gas emissions for its operated assets by 2050. This would also allow the site to manufacture low-emitting products for its customers. Access to excess hydrogen and CO 2 storage capacity would be made available to neighboring industry.
The project would be ExxonMobil’s initial contribution to a broad, cross-industry effort to establish a carbon capture and storage center in Houston with an initial goal of approximately 50 million metric tons of CO2 per year by 2030 and 100 million metric tons by 2040. Assessment and planning for the Baytown project is underway and, subject to stakeholder support, regulatory approvals and market conditions, a final investment decision is expected within two at three years old.
ExxonMobil has extensive hydrogen experience and already produces about 1.5 billion cubic feet per day. The company is uniquely positioned to participate in the growing hydrogen market and is evaluating strategic investments to increase the use of this important low-emission energy technology.
Equally important is the company’s more than 30 years of experience in the capture and permanent storage of CO 2 . , or about 9 million metric tons per year.
ExxonMobil Low carbon solutions The company was created to commercialize low-emissions technologies and focuses on carbon capture and storage, hydrogen and biofuels – technologies where the company can leverage its core competencies and advantages competitive. Over the next six years, the company plans to invest more than $15 billion in low-emissions initiatives and may increase investment through advances in policy and technology.
Sound government policies will accelerate the deployment of key technologies at the pace and scale required to support a net zero societal future. Predictable, stable and cost-effective policies are needed to encourage the development and scalability of a wide range of low-emission technologies, including hydrogen and carbon capture and storage. ExxonMobil continues to support an explicit carbon price to establish consistent incentives and encourage investment.
ExxonMobil is committed to helping society reduce global greenhouse gas emissions by decreasing the company’s emissions intensity and developing and deploying emissions reduction technologies and products. Increasing the supply of products with lower life-cycle greenhouse gas emissions enables the shift to higher-emitting alternatives.
ExxonMobil, one of the world’s largest publicly traded energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading resource inventory, 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.comthe Energy factor and Carbon capture and storage | ExxonMobil.
Caution : Statements of future events, investment opportunities or conditions in this release are forward-looking statements. Actual future results, including project plans, schedule, capabilities and costs could vary based on the ability to execute business objectives in a timely and successful manner; the ability to scale projects and technologies on a commercially competitive basis; the implementation and results of carbon capture and storage projects; timely completion of construction projects; the results of future research and technology development programs, including the future success of collaborative efforts; the development and pace of favorable market conditions and policies, including support for carbon capture and storage and hydrogen; changes in laws and regulations, including environmental laws and taxes; changes in plans or objectives prior to final funding decisions or project start-up; unforeseen technical or operational difficulties; changes in supply and demand and other market factors affecting future prices for oil, gas and petrochemicals; 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.
Show source version on businesswire.com:https://www.businesswire.com/news/home/20220301006113/en/
CONTACT: ExxonMobil Media Relations
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: OTHER ENERGY UTILITIES OIL/GAS ALTERNATIVE ENERGY ENERGY ENVIRONMENT PACKAGING SCIENCE ENGINEERING CHEMISTRY/PLASTICS MANUFACTURING OTHER SCIENCES
SOURCE: Exxon Mobil Corporation
Copyright BusinessWire 2022.
PUBLISHED: 03/01/2022 19:15 / DISK: 03/01/2022 19:16
Copyright BusinessWire 2022.