Industrial Consumers

ExxonMobil to expand carbon capture capacity at the LaBarge facility

ExxonMobil

ExxonMobil, the top US oil company, announced today that it will expand the carbon capture capacity at its LaBarge facility in Wyoming. The company estimates an investment of $400 million. However, a Final Investment Decision would come around 2022.

Firstly, the LaBarge facility is one of the top helium makers worldwide. It delivers up to 20% of the global supply. Helium is a critical component in scientific research, high-tech manufacturing, space exploration, and others. The plant also produces natural gas.

Consequently, the LaBarge facility is a powerful carbon dioxide emitter. However, it has also been at the forefront of carbon capture, as it is one of the biggest CO2 capturers in the world. In fact, the location captures 6 to seven million metric tons of CO2 each year. Such an amount represents nearly 20% of all CO2 captured in the world each year.

Therefore, the expansion project will further solidify LaBarge as one of the strongest CO2 capturers globally. It will also ratify Exxon’s position regarding CO2 management and the creation of a CO2 market.

Moreover, the company says in its statement that it will continue to advocate for an explicit price on carbon to incentivize public and private investments, such as the LaBarge expansion. This would be particularly relevant for the hard-to-abate sectors of the industry.

Also recommended for you: Valero Energy knocks-off expectations and posts strong quarterly profits. Click here to read.

ExxonMobil Low Carbon Solutions exploring CCS oportunities in the US Gulf Coast, Europe and Asia

On the other hand, the expansion project will expand the current LaBarge capacity up to 1 million metric tons of CO2. According to the statement, ExxonMobil is already seeking the permits for the project; has delivered Engineering, Procurement, and Construction (EPC) contracts requests to third parties.

About the matter, Joe Blommaert, president of ExxonMobil Low Carbon Solutions, said. “The expansion of our carbon capture and storage operations at LaBarge underscores our commitment to advancing CCS projects around the world.”

He also remarked. “This technology is critical to help meet society’s lower-emissions goals, and with the right policies in place, is immediately deployable.”

Furthermore, ExxonMobil Low Carbon Solutions is evaluating several other large-scale carbon capture and storage projects in the US Gulf Coast, Europe, and Asia. The company is a big player in the CCS industry. It has an equity share in approximately one-fifth of global CO2 capture capacity; has captured about 40% of all the captured anthropogenic CO2 in the world.

Finally, Blommaert concluded. “ExxonMobil has long supported policies that provide a predictable price on carbon emissions, which enable new or expanded carbon capture and storage investments.”

Related posts

Eaton develops 48-Volt Technologies helping meet emission regulations

editor

Enegix Energy to build largest green hydrogen plant ever in Brazil

editor

Storage Advocacy Network: Next Step in Enhancing the Energy Storage Market in the U.S. – SEIA

editor