ExxonMobil Pursuing Carbon Capture Storage Hubs in Asia: Potential for Southeast Asia Expansion
Key Ideas
  • ExxonMobil is in talks with countries across Asia to establish carbon capture storage hubs, aiming to replicate successful models like the one proposed in Houston, Texas.
  • The company emphasizes the necessity of transparent carbon pricing mechanisms and cross-border cooperation to facilitate widespread adoption of CCS technology.
  • Southeast Asia, including potential sites in Indonesia, Malaysia, and Australia, is being considered for CCS projects due to their industrial CO2 emissions and storage capacities.
  • ExxonMobil's focus on CCS aligns with the global push towards net-zero emissions and economic hydrogen production, indicating a positive outlook for innovative climate solutions.
Exxon Mobil Corp is actively pursuing carbon capture storage (CCS) hubs across Asia, with a particular interest in establishing similar models to the one proposed in Houston, Texas. The company's President of Low Carbon Solutions, Joe Blommaert, has initiated discussions with various countries in the region concerning potential storage options for carbon dioxide. Advocates of CCS technology, including oil majors and the International Energy Agency, view it as crucial for achieving net zero emissions and essential for enabling large-scale economic hydrogen production. However, critics argue that CCS could prolong the use of fossil fuels. To enable the widespread adoption of CCS, ExxonMobil highlights the importance of implementing transparent carbon pricing mechanisms and cross-border pricing adjustments. This approach would allow for the capture of CO2 in one country and its storage in another. Southeast Asia, known for its significant industrial CO2 emissions, is under consideration for future CCS projects, with countries like Indonesia, Malaysia, and Australia identified as potential storage sites. ExxonMobil's interest in CCS technology reflects the global trend towards sustainable energy solutions and aligns with efforts to combat climate change. The company's exploration of Southeast Asia for CCS opportunities signals a positive outlook for the region's role in advancing carbon reduction initiatives and transitioning towards a greener future.
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