The oil giant Chevron has launched a study in collaboration with energy services firm Enterprise Products Partners in an effort to explore carbon capture utilization and storage in the US. The study aims to assess business opportunities in the carbon capture field and grow commercial-scale deployment of low carbon solutions.
According to Jeff Gustavson, president of Chevron New Energies, carbon capture is a viable method of reducing greenhouse gas emissions for the energy sector and a “critical technology” for the transition towards a net zero future.
Chevron’s climate change mitigation strategies include investing $10 billion for the expansion of its low-carbon energy businesses like renewable energy, hydrogen and carbon capture, storage, and utilization. The funding is expected to enable Chevron to grow hydrogen production to 150,000 tons annually and raise carbon capture and offsets to 25 million tons per year.
“Our planned actions target sectors of the economy that are harder to abate and leverage our capabilities, assets, and customer relationships,” said Michael Wirth, Chevron’s chairman and CEO.
The partnership will allow the two companies to create a joint venture that will focus on CO2 capture, storage, and transportation to power emerging energy business cases.
For Enterprise, the move will also enable the company to provide its customers with new midstream services for their decarbonization purposes. It will also facilitate its goal to continue developing new technologies in order to address its own carbon footprint.
Chevron’s continuous carbon capture investments signal the company is not giving up on the technology to mitigate its emissions despite the Gorgon project setbacks. It is advancing its ongoing efforts to reduce its enormous carbon footprint, even though more ambitious actions would be needed going forward to eliminate its emissions.