(MENAFN- Trend News Agency)
BAKU, Azerbaijan, May 14. The existing carbon
capture, utilization, and storage (CCUS) capacity is concentrated
at natural gas processing plants due to the use of captured CO2 in
Enhanced Oil Recovery (EOR) activities within the upstream segment
of oil and gas, Trend reports with reference to GlobalData.
The company forecasts that by 2030, all the largest CCUS sectors
shown are expected to grow, but none faster than the power sector,
which will become the largest user of CCUS capacity. Several oil
and gas majors are already collaborating on CCUS projects in the
power sector, demonstrating that these companies are beginning to
diversify their revenue streams.
“Many oil and gas companies developed CCUS knowhow by way of EOR
projects simply to boost production, long before they were
considering cutting emissions. Today, that knowledge has new value,
as oil and gas companies have begun selling their CCUS knowledge in
the form of technical advisory services or in developing their own
emission reduction projects. Additionally, there is evidence that
CCUS projects could generate large amounts of revenue through the
growing carbon offset market,” says Miles Weinstein, Energy
Transition Analyst at GlobalData.
Some of the most active companies GlobalData has identified in
the CCUS sector are ExxonMobil, INEOS, TotalEnergies, Occidental
Petroleum, Equinor, Shell, and Chevron.
“While CCUS capacity is growing, existing capacity accounts for
just 0.15% of total energy-related carbon emissions. According to
new planned and announced capacity, this would increase to just
0.8% by 2030. CCUS remains an expensive technology to build or
retrofit onto existing facilities, and widespread commercialization
will require continued cost reductions. Fortunately, recent R&D
efforts have been successful at improving capture technologies at
low cost,” Weinstein added.
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