The oil industry has long been associated with exploration and production, but in recent years there has been a growing focus on the concept of carbon capture and storage (CCS). As new regulations are proposed for the industry, one such idea is requiring gas-fired plants to either add CCS or co-fire with alternative fuels. Industry groups have been quick to respond, voicing concerns over the cost and feasibility of such requirements.
1. The oil industry has traditionally focused on exploration and production, but there is now growing attention on carbon capture and storage (CCS).
2. New regulations are being proposed that may require gas-fired plants to incorporate CCS or co-fire with alternative fuels.
3. Industry groups have expressed concerns about the cost and feasibility of implementing these requirements.
4. CCS technology captures CO2 emissions from gas-fired plants and stores them underground, making it an innovative and environmentally-friendly method.
5. Industry groups argue that adopting CCS measures would effectively reduce greenhouse gas emissions and contribute to mitigating climate change.
As of 2020, only 19 operational large-scale CCS projects exist globally, capturing a total of roughly 40 million metric tons of CO2 per year.
CCS technology, which stands for carbon capture and storage, is an innovative method that captures carbon dioxide emissions from gas-fired plants and stores them underground. This advanced concept has gained attention in the oil and gas industry, particularly in the field of exploration and production. With the recent proposal to either add CCS or co-fire with natural gas, industry groups have become increasingly involved in advocating for this environmentally-friendly approach. They argue that adopting such measures would significantly reduce greenhouse gas emissions and help mitigate climate change.