ExxonMobil Increases Participation in Scotland Carbon Capture and Storage Project

Rhea-AI Summary

ExxonMobil has signed an Expression of Interest to enhance its participation in the Acorn carbon capture and storage project in Scotland, capturing CO₂ emissions from its Fife Ethylene Plant. This follows a prior agreement for emissions from St Fergus gas terminals. The Acorn project aims to capture and store 10 million metric tons of CO₂ annually by 2030, potentially rising to 20 million by the mid-2030s. Recent infrastructure upgrades at Fife improve emissions reductions, aligning with the company's commitment to low-carbon solutions.

Positive

• Increased involvement in the Acorn project enhances ExxonMobil's commitment to carbon capture and storage.
• Potential to capture and store 10 million metric tons of CO₂ annually by 2030.
• Recent $170 million investment enhances operational reliability and emissions reduction capabilities.

Negative

• None.

• Expression of Interest signed to study storing emissions from Fife Ethylene Plant to Acorn carbon capture and storage project
• Adds to previously announced study focused on emissions from St Fergus gas terminals
• Project would capture, transport and store CO₂ in secure reservoirs beneath the North Sea

IRVING, Texas--(BUSINESS WIRE)-- ExxonMobil has increased its participation in the proposed Acorn carbon capture project in Scotland by signing an Expression of Interest to capture, transport and store CO₂ from its Fife Ethylene Plant.

The agreement to include the ethylene plant, located in Mossmorran, Scotland, is in addition to an earlier announced Memorandum of Understanding to capture and store emissions from gas terminals at the St Fergus complex at Peterhead, Scotland, which includes ExxonMobil’s joint venture gas terminal.

The initial phase of Acorn, which is bidding to be in the first wave of carbon capture clusters to be announced by the UK government, has the potential to deliver more than half of the country’s target of capturing and storing 10 million metric tons per year of CO₂ by 2030. When expanded further, it will have the potential to store more than 20 million metric tons per year of CO₂ by the mid-2030s.

“The application of carbon capture and storage technology at the Fife Ethylene Plant demonstrates our commitment to reducing CO₂ emissions from the industrial sector,” said Joe Blommaert, president of ExxonMobil Low Carbon Solutions. “With the right government policies in place and industry collaboration, the carbon capture and storage opportunities we are evaluating, such as in Scotland, have the potential to move forward with current technologies for large-scale, game-changing emissions reductions.”

The Acorn project recently announced plans to capture and store CO₂ from the Grangemouth Refinery, and the addition of Mossmorran facilities will help Scotland reduce emissions in its industrial sector.

“The Acorn project has the potential to capture and store CO₂ emissions from Scotland’s largest industrial center, which is an economic engine for the country,” said Martin Burrell, plant manager of the Fife Ethylene Plant. “This agreement allows us to explore the potential for significant emissions reduction through carbon capture and storage, and ensure Scotland continues to benefit from vital manufacturing facilities such as Fife.”

The Fife Ethylene Plant recently completed a $170 million (£140 million) investment program to upgrade key infrastructure and introduce new technologies that will significantly improve operational reliability and performance. A further project is underway to install an enclosed ground flare. On schedule to be operational by the end of 2022, the unit is designed to significantly reduce noise, light and vibration, and it is estimated the investment will reduce the use of the plant’s elevated flare by at least 98 percent.

These investments, together with ExxonMobil’s participation in the Acorn project, demonstrate a commitment to reducing emissions and to Fife’s future as a competitive asset.

ExxonMobil Low Carbon Solutions is evaluating several other carbon capture and storage projects around the world, including in Rotterdam, Netherlands; Normandy, France; LaBarge, Wyoming; and a world-scale carbon capture and storage hub concept in Houston, Texas. The company has an equity share in approximately one-fifth of global CO₂ capture capacity and has captured approximately 40 percent of all the captured anthropogenic CO₂ in the world.

ExxonMobil established its Low Carbon Solutions business to commercialize low-emission technologies. It is initially focusing its carbon capture efforts on point source emissions, the process of capturing CO₂ from industrial activity that would otherwise be released into the atmosphere, and injecting it into deep underground geologic formations for safe, secure and permanent storage. The business is also pursuing strategic investments in biofuels and hydrogen to bring those lower-emissions energy technologies to scale for hard-to-decarbonize sectors of the global economy.

The International Energy Agency projects that carbon capture and storage could mitigate up to 15% of global emissions by 2040, and the U.N. Intergovernmental Panel on Climate Change estimates global decarbonization efforts could be twice as costly without its wide-scale deployment.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com, the Energy Factor and Carbon capture and storage | ExxonMobil.

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Cautionary Statement: Statements of future events, investment opportunities or conditions in this release are forward-looking statements. Actual future results, including project plans, timing, volumes, and costs; future relative reductions in emissions and emissions intensity; carbon capture, hydrogen, and biofuel deployment and results; and the impact of operational and technology efforts could vary depending on the results of future study and research efforts, including the ability to scale projects and technologies on a commercially competitive basis; any changes in plans or objectives upon final project approvals; the ability to execute operational objectives on a timely and successful basis; the ability to obtain and timing of required governmental and other third party consents; the development and pace of supportive market conditions and national, regional and local policies relating to carbon capture, hydrogen, biofuels, and emission reductions; changes in laws and regulations including laws and regulations regarding greenhouse gas emissions, carbon costs, and taxes; the outcome of commercial negotiations; the effectiveness of cooperative efforts to develop technologies and projects; trade patterns and the development and enforcement of local, national and international mandates and treaties; 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 ExxonMobil's recent involvement in the Acorn carbon capture project?

ExxonMobil signed an Expression of Interest to capture and store CO₂ emissions from its Fife Ethylene Plant as part of the Acorn project.

How much CO₂ does the Acorn project aim to capture by 2030?

The Acorn project aims to capture and store 10 million metric tons of CO₂ per year by 2030.

What investments has ExxonMobil made for emissions reduction at the Fife Ethylene Plant?

ExxonMobil completed a $170 million investment program to upgrade infrastructure and boost operational reliability at the Fife Ethylene Plant.

Where is the Fife Ethylene Plant located?

The Fife Ethylene Plant is located in Mossmorran, Scotland.

What are ExxonMobil's carbon capture goals for the mid-2030s?

ExxonMobil's participation in the Acorn project could allow for the storage of over 20 million metric tons of CO₂ annually by the mid-2030s.