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Exxon Mobil carbon capture storage

By expanding the facility, Exxon Mobil Corporation anticipates capturing up to 1 million metric tons of carbon dioxide (CO2) more, on top of the 6-7 million metric tons of yearly harvest at the LaBarge facility, Wyoming.

In the Madison reservoir located near LaBarge, Wyoming, Exxon operates two acid gas injection (AGI) wells for the primary purpose of acid gas disposal with a secondary purpose of sequestering CO2 geologically. AGI wells have been operated by ExxonMobil since 2005, and, according to the company's multiple statements, will continue to be injected until the end of the field life of the LaBarge assets. 

At the moment, it is one of Exxon's most important bases. Despite the high CO2 concentrations in the gas extracted there, ExxonMobil has been implementing several technologies and approaches from the very beginning to effectively manage the significant volumes of CO2 associated with its production. Carbon capture and storage (CCS) technologies and approaches used at LaBarge are examples of technologies and approaches being proposed for use in other industries. 

More so, Exxon Mobil regularly affirms its stance on sustainability in the industry by bringing to life CCS projects like this one around the world. The LaBarge facility is a good example since it already captured more CO2 than any other facility on the planet.

Exxon supports policies that ensure a predictable price for carbon emissions, which can lead to more investments in CCS-type projects. With the right policies in place, this type of technology can be implemented immediately to help society reach its lower-emission goals.

Additionally, as the originator of the Low Carbon Solutions initiative, Exxon Mobil is researching and developing low-emission technology and evaluating several large-scale CCS projects in Europe, Asia, and the Gulf Coast. As well as biofuels and hydrogen, the company is looking at strategic investment opportunities to help bring these technologies to scale for the sectors of the global economy with the highest emissions.

As part of its $400 million investment proposal to expand the CCS capabilities of its Wyoming facility, Exxon Mobil has started the process for engineering, procurement, and construction contracts. Operational activities could begin as early as 2025 after a final investment decision is made in 2022.

At present, about 20% of all CO2 captured worldwide each year is captured at the LaBarge. Yet, in addition to the 6-7 million metric tons of CO2 currently captured at the facility, Exxon anticipates that it can push it even further past the glass ceiling. At the moment, the target is to add a million metric tons to the extraction capabilities of the facility, bringing its yearly total to 8 tons of captured CO2.

However, as one of the largest of the world's Big Oil companies, it is not the only project in Exxon's pipeline: aside from CCS capabilities, the LaBarge is one of the world's largest sources of helium, producing approximately 20% of global supply. Exxon Mobil has also been advocating for additional investments in society's most emitting sectors as part of its sustainability policies.

The race for landmark CCS project: North Dakota approves Class VI well for Red Trail Energy

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New standards for carbon capture have been set in North Dakota earlier this month as NDIC greenlights Red Trail Energy’s project. The company will now be able to commercially capture, compress, and inject 180,000 tons of carbon dioxide per year into the Broom Creek Formation on its property for permanent geologic CO2 storage. This ensures that carbon dioxide can be stored safely for generations to come.

There is a new guy on the block: Penn Virginia rebrands to Ranger Oil

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Penn Virginia announced a rebranding to Ranger Oil on 6 Oct. following the close of the Lonestar acquisition. This Texas oil & gas giant reinvents itself anew, shifting its energy development in the lone star state towards safer and more efficient oil and gas operations. The company's consolidated assets now amount to over 140,000 net acres strategically positioned in the Eagle Ford play of south Texas, making it one of the biggest players. It is anticipated that the full rebranding will be complete by the year-end of 2021. For the full rundown of the situation visit our blog.

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Shareholder’s payout target was increased by 50% after the largest U.S. independent oil producer surpassed Wall Street’s earnings estimates on growing energy prices, said Houston-based Conoco Phillips Co. on Aug. 4. Due to Western sanctions on major producer Russia throttling energy supply amid a rebound in demand from pandemic lows, oil and gas #prices have soared. Crude has been trading more than 25% higher since the start of the year and results also benefited from high natural gas prices. Meanwhile, shares were down a fraction, to $91.03, in early trading but are up about 26% year to date. Conoco Phillips stated, that the average price obtained for a barrel of oil and gas accelerated 77% from a year earlier to $88.57. The company acknowledges that it has not hedged any of its oil and gas sales to make the most of higher market prices. The capacity of 1.69 million boe/d was in line with Wall Street estimates, however, the company expected the current quarter’s output would be between 1.71 million and 1.76 million boe/d.

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California oil joint venture, Aera Energy, of Exxon Mobil Corp. and ShellPlc is being sold to German asset manager IKAV, according to the agreement of Sept. 1. Shell noted that the sale of its 51.8% membership interest in Aera Energy is for a total consideration of about $2 billion in cash with additional contingent payments based on future oil prices, subject to regulatory approval. However, the total transaction value was not disclosed. Being one of California’s largest oil and gas producers, Aera Energy accounts for nearly 25% of the state’s production. The sale by Exxon Mobil and Shell ends a 25-year-long partnership in California, meanwhile, it persists a streak of divestments of mature oil and gas properties by the two supermajors. Aera Energy LLC operates about 13,000 wells in the San Joaquin Valley in California, producing oil and associated gas. In 2021, Aera took out about 95,000 boe/d. Exxon Mobil’s interests in the Aera oil-production operation in California contained a 48.2% share of Aera Energy LLC and a 50% share of Aera Energy Services Co. held by Mobil California Exploration & Producing Co. Moreover, Exxon Mobil affiliates have signed a separate agreement for the sale of an associated loading facility and pipeline system. The sale effectively ends Shell’s upstream position in California. The company reported that the divestiture is valued to result in a post-tax impairment of $300 million to $400 million, subject to adjustments.

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The completion of the merger between Centennial Resource Development Inc. and Colgate Energy Partners II LLC happened on Sept. 1, sealing the debut of Permian Resources Corp., which is considered the largest pure-play E&P company in the Delaware Basin. Permian Resources’ idea was to combine two successful E&P companies, creating a better, stronger, and more strategically compelling company. Centennial and Colgate announced an agreement to merge in May, denying rumors that Colgate, a privately held independent Midland-based company, had been seeking an IPO. The merger estimated Colgate at about $3.9 billion and consists of 269.3 million shares of Centennial stock, $525 million of cash, and the assumption of approximately $1.4 billion of Colgate’s outstanding net debt. Permian Resources, being the combined company, has a deep inventory of “high-quality” drilling locations on around 180,000 net acres the companies anticipate will provide more than $1 billion of free cash flow in 2023 at current strip prices, in accordance with the company release on Sept. 1.

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