
New Carbon Capture, Storage Project will be One of the World’s Largest
Last week Chevron announced they are launching one of the world’s largest carbon capture and storage projects, injecting CO2 into a deep reservoir in Australia at its Gorgon LNG project. According to their announcement, once the facility is fully up and running, between 3.4 million and 4 million tonnes a year of carbon dioxide will be buried. Read more.
RICH’S TAKE
“Carbon capture, utilization and storage, or CCUS, is widely recognized as a critical emission reduction technology because it can significantly reduce emissions from new and existing fossil power plants, mitigate industrial emissions (e.g. cement and steel), and achieve negative emissions under certain applications. Carbon capture projects were first deployed in the United States nearly half a century ago during the energy crisis. Petroleum engineers discovered that injecting carbon dioxide into mature oil fields often increases oil production by increasing reservoir pressure and increasing miscibility, in a process called “enhanced oil recovery”. Over 5,000 miles of carbon dioxide pipelines have been built across the United States, directly contributing to about 3% of total United States oil production. Carbon dioxide is so useful for oil production, naturally occurring carbon dioxide is actively mined for and sold like natural gas to producers. We applaud our friends in Australia adopting this critical technology.”
|