Oil Giants Plan to Bury Massive Amounts of CO2 in Southeast Asia [BNN Bloomberg (Canada)]
Exxon Mobil Corporation (XOM)
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Source: BNN Bloomberg
Carbon dioxide storage is emerging as a potential multi-billion-dollar revenue stream for firms like Exxon Mobil Corp., Shell Plc and Chevron Corp., which are under global pressure to rein in the unfettered burning of fossil fuels. In Asia, which will generate the majority of this century's carbon emissions, Indonesia and Malaysia are among the few places where CO2, once captured, can be viably stored underground. With the cash, decades of experience injecting carbon for the purposes of pumping extra oil, and an increasing number of depleted wells that can be refilled, oil companies are already jockeying for position. Exxon Mobil Chief Executive Officer Darren Woods said the company has “secured exclusive rights to CO2 storage” in Indonesia and Malaysia. “World-scale problems like climate change need world-scale companies to help solve them,” he told business leaders at a San Francisco summit in November. Shell has signed an agreement to scope out possible sites with Malaysia's
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News
- Exxon is working on tech to remove CO2 from atmosphere but a breakthrough is needed to slash costs [MSNBC.com]MSNBC.com
- Why ExxonMobil Stock Dropped on Earnings Friday [Yahoo! Finance]Yahoo! Finance
- Exxon Mobil and Chevron Report Lower Earnings [The New York Times]The New York Times
- Crude awakening: oil price rallies against backdrop of energy company earnings this week [BNN Bloomberg (Canada)]BNN Bloomberg
- Exxon and gas markets tell different stories [Reuters]Reuters
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