ESG & Investing
Exxon Sees Its First Gulf Coast Carbon Capture Project Starting Next Year
- Project still needs final regulatory approval for wells
- Executive says project on track to start up ‘on time’
Exxon sees carbon capture as key to reducing emissions while also retaining the benefits of fossil fuels.
Photographer: Callaghan O'Hare/BloombergThis article is for subscribers only.
Exxon Mobil Corp. is on track to start up its first US Gulf Coast carbon-capture project next year if it can gain regulatory approval to drills wells that would store emissions underground.
The oil major plans to take as much as 2 million tons of CO2 emissions from CF Industries Holdings Inc.’s ammonia plant in Donaldsonville, Louisiana, and pump them into permanent storage in rock formations deep below the ground.