Fighting Climate Change Through Technology and Innovation: Reviewing Actions of the Petroleum Industry

Abstract

Abstract Greenhouse gas emissions from human activities are increasing the global temperature at an alarming rate. There is high pressure on oil and gas industry from policy makers and climate activists to reduce emission from hydrocarbon production. However, transitioning into a low carbon future is a long game that needs massive investments for innovation and infrastructure. Carbon Capture, Utilization and Storage (CCUS) plays an important role in clean energy transitions. This paper reviews actions taken by several major exploration and production (E&P) companies in CCUS as well as their renewable energy ventures. CCUS technology contributes to capturing CO2 from critical economic sectors such as power plants and chemical industries and utilizing the captured CO2 or storing it permanently underground. Oil industries have been utilizing CO2-EOR for decades. They are investing in all parts of the CCUS supply chain to find cost effective and diverse solutions. The paper reviews few major projects undertaken by BP, Chevron, Equinor, Eni, ExxonMobil, Occidental, Shell and Total. The CCUS projects accumulate to removing 35 million tonnes per year (MMtpa) of CO2 currently, with a potential to remove 100 MMtpa of CO2, which is equivalent to emissions from about 22 million cars. Renewable energy ventures by oil majors are also discussed which amount to almost 100 GW of wind and solar addition. Renewable energy projects requires high capital investment and certain types of expertise, which makes oil and gas industry perfectly positioned to take their experience in hydrocarbon production and bring it to energy transition projects. In addition, federal tax credit in CCUS and renewables help with large-scale deployment of the projects.