Exxon Mobil has requested bids for engineering, procurement and construction contracts as part of its plans to expand carbon capture and storage (CCS) at its LaBarge, Wyoming facility.
Exxon Mobil has requested bids for engineering, procurement and construction contracts as part of its plans to expand carbon capture and storage (CCS) at its LaBarge, Wyoming facility.
The $400 million expansion project will capture up to 1 million metric tonnes of CO2, in addition to the 6-7 million metric tonnes already captured at LaBarge each year.
A final investment decision is expected in 2022 and will be based on several factors, including regulatory approvals. Operations could start as early as 2025.
LaBarge currently represents nearly 20% of all CO2 captured in the world each year. The expansion will further mitigate emissions by capturing up to an additional 1 million metric tonnes of CO2 each year.
ExxonMobil Low Carbon Solutions is evaluating several other large-scale carbon capture and storage projects in the US Gulf Coast, Europe and Asia.
ExxonMobil said that it will continue to advocate for an explicit price on carbon to to help incentivize industry and governments to make further public and private investments, such as the LaBarge expansion, in the highest emitting sectors.
The International Energy Agency predicts that CCS could mitigate up to 15% of global emissions by 2040, and the UN Intergovernmental Panel on Climate Change estimates global decarbonization efforts could be twice as costly without wide-scale deployment of carbon capture and storage.
