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Tuesday, January 31, 2023

Exxon (NYSE: XOM) Start Design Studies for Southeast Australia Carbon Capture Hub

Exxon Mobil Corporation (NYSE: XOM) has stated that it is conducting early front-end engineering design studies (pre-FEED) in the Gippsland Basin to assess the potential for carbon capture and storage to reduce greenhouse gas emissions from a variety of businesses. The Southeast Australia carbon capture and storage (SEA CCS) hub would initially store CO2 in the depleting Bream field off the coast of Gippsland, Victoria, using existing infrastructure.

Local industries may be interested in using the SEA CCS hub to cut emissions from their activities, and the company is in active conversations with them. The project aims to capture up to 2 million metric tonnes of CO2 annually. The SEA CCS hub could be functional by 2025 if technical and business feasibility is proven.

Furthermore, ExxonMobil also launched its Low Carbon Solutions business to market the company’s broad lower-emission portfolio intending to create long-term shareholder value while also supporting global emission-reduction initiatives. By using ExxonMobil’s capabilities, experience, and scale, Low Carbon Solutions aims to commercialize lower-emission business possibilities in carbon capture and storage, hydrogen, and lower-emission fuels.

The company has more than 30 years of CO2 collection experience and has captured more CO2 from humans than any other company. With a capacity of roughly 9 million metric tonnes per year, it has about one-fifth of the world’s carbon capture and storage capacity. Additionally, “Collaboration with other businesses is a critical step toward unlocking future carbon capture and storage opportunities for Australia,” said Joe Blommaert, president of ExxonMobil Low Carbon Solutions.

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