> Exxon’s vision is that eventually these pipelines will ferry CO2 captured from industrial point sources like cement and steel plants, and potentially from natural gas power plants, and transport it to underground rock formations or old oil wells where it could be buried (Denbury also owns a number of large sites for carbon sequestration).
Color me skeptical. The article offers no supporting evidence that this is Exxon's "vision", and then hits us with this:
> For now, Denbury’s pipeline network isn’t really low carbon, but instead will function as an extension of Exxon’s normal oil business. Today the CO2 carried in the pipelines is used for “enhanced oil recovery,” a process in which it is injected into oil wells to push out the last few drops.
Sounds like they made the acquisition for their current fossil fuel business, not a bet that "carbon will be the new oil."
And as a cherry on top:
> The company plans to double the size of its liquefied natural gas business by 2030, an executive said this week, with a focus on buyers in Asia.
Color me skeptical. The article offers no supporting evidence that this is Exxon's "vision", and then hits us with this:
> For now, Denbury’s pipeline network isn’t really low carbon, but instead will function as an extension of Exxon’s normal oil business. Today the CO2 carried in the pipelines is used for “enhanced oil recovery,” a process in which it is injected into oil wells to push out the last few drops.
Sounds like they made the acquisition for their current fossil fuel business, not a bet that "carbon will be the new oil."
And as a cherry on top:
> The company plans to double the size of its liquefied natural gas business by 2030, an executive said this week, with a focus on buyers in Asia.