ExxonMobil, Shell To Join Forces With Singapore Govt On CCS Project

ExxonMobil, Shell To Join Forces With Singapore Govt On CCS Project - Carbon Herald

ExxonMobil (NYSE: XOM) and Shell (LON: SHEL) have teamed up with Singapore to pioneer a groundbreaking carbon capture and storage (CCS) endeavor, aiming to curb the nation’s carbon dioxide (CO2) emissions.

Operating under the banner of the S-Hub consortium, the Singapore-based branches of both companies are spearheading this initiative in collaboration with the Singapore government, according to a joint statement by the two oil and gas majors.

Through a memorandum of understanding (MoU) inked with the Singapore Economic Development Board (EDB) in December 2023, S-Hub committed to orchestrating the planning and execution of a CCS project capable of sequestering a minimum of 2.5 million tons of CO2 annually by 2030.

Relevant: Singapore, Indonesia Sign LOI On Cross-Border Carbon Capture

The undertaking by ExxonMobil and Shell entails capturing CO2 emissions within Singapore and securely storing them deep underground or beneath the seabed.

Site selection for storage will undergo rigorous analysis to ensure suitability and efficacy.

Last month, Singapore and Indonesia announced their intention to cooperate in the field of cross-border CCS, hoping to lead the way in expediting the execution of such projects across Southeast Asia.

Around the COP28 climate summit in Dubai, Singapore also stepped up its efforts to reach carbon credits agreements with countries like Rwanda, Fiji, Bhutan and Paraguay.

Read more: Singapore Negotiates Carbon Credits Deals With Several Countries At COP28

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