ExxonMobil Begins Design Studies for South East Australia Carbon Capture Hub in Gippsland

Rhea-AI Summary

ExxonMobil is advancing the SEA CCS hub project in South East Australia, aiming to capture up to 2 million metric tons of CO₂ annually. The initiative, based on existing infrastructure, targets emissions reduction for local industries and could become operational by 2025. ExxonMobil's Low Carbon Solutions division is leading this effort to enhance long-term shareholder value and support emission reduction goals. The company has extensive experience in carbon capture, holding a significant share of global capacity.

Positive

• Project aims to capture 2 million metric tons of CO₂ per year.
• Potential operational start by 2025 indicates swift project advancement.
• ExxonMobil leads in global carbon capture with an equity share of about one-fifth of world capacity.

Negative

• None.

•  Project could capture up to 2 million metric tons of CO₂ per year
• Company in discussion with local emissions-intensive industries
• Project could start as early as 2025

IRVING, Texas--(BUSINESS WIRE)-- ExxonMobil said today it is undertaking early front-end engineering design studies (pre-FEED) to determine the potential for carbon capture and storage to reduce greenhouse gas emissions from multiple industries in the Gippsland Basin.

The South East Australia carbon capture and storage (SEA CCS) hub would initially use existing infrastructure to store CO₂ in the depleted Bream field off the coast of Gippsland, Victoria. The company is in active discussions with local industries which may be interested in accessing the SEA CCS hub to reduce emissions from their operations.

The project is designed to capture up to 2 million metric tons of CO₂ per year. If technical and business feasibility is confirmed, the SEA CCS hub could be operational by 2025.

“Collaboration with other industries is an important step to unlock future carbon capture and storage opportunities for Australia, with the potential for large-scale reductions in the highest emitting industrial sectors,” said Joe Blommaert, president of ExxonMobil Low Carbon Solutions. “Sound government policies will accelerate the deployment of key technologies required to support society’s ambition for a net-zero future.”

ExxonMobil established its Low Carbon Solutions business to commercialize the company’s extensive lower-emission portfolio with the objective to create long-term shareholder value and support global emission-reduction efforts.

Low Carbon Solutions is focused on commercializing lower-emission business opportunities in carbon capture and storage, hydrogen and lower-emission fuels, by leveraging the skills, knowledge and scale of ExxonMobil. The company has more than 30 years of experience capturing CO₂ and has cumulatively captured more human-made CO₂ than any other company. It has an equity share of about one-fifth of the world’s carbon capture and storage capacity at about 9 million metric tons per year.

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About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world. To learn more, visit exxonmobil.com and the Energy Factor.

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Cautionary Statement: Statements of future events, investment opportunities projects or partnerships in this release are forward-looking statements. Actual future results, including project plans, partner participation, timing, capacities, and costs could vary depending on the ability to execute operational objectives on a timely and successful basis; the ability to scale projects and technologies on a commercially competitive basis; implementation and outcomes of carbon capture and storage projects; timely completion of construction projects; commercial and consumer interest in lower-emissions opportunities; the outcome of future research and technology development programs, including the future success of collaborative efforts; the development and pace of supportive market conditions and policies including support for carbon capture and storage and hydrogen; changes in laws and regulations including environmental laws and taxes; changes in plans or objectives prior to final funding decisions or project startups; unforeseen technical or operational difficulties; changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; and other factors discussed in this release and under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at exxonmobil.com.

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Source: Exxon Mobil Corporation

FAQ

What is the SEA CCS hub project by ExxonMobil?

The SEA CCS hub project aims to capture up to 2 million metric tons of CO₂ annually, focusing on reducing emissions from local industries in South East Australia.

When could the SEA CCS hub project become operational?

The project could start operations as early as 2025 if feasibility studies confirm its viability.

How does ExxonMobil plan to capture CO₂ in the SEA CCS hub?

ExxonMobil plans to utilize existing infrastructure to store CO₂ in the depleted Bream field off the Gippsland coast.

What is ExxonMobil's experience with carbon capture?

ExxonMobil has over 30 years of experience in carbon capture and holds a significant share of global carbon capture capacity.

How does the SEA CCS hub project impact ExxonMobil's shareholders?

The project aims to create long-term shareholder value through emission reduction solutions and collaboration with local industries.