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Released December 02, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--The global Oil & Gas Industry has enjoyed strong commodity prices for the past few months, but that may be coming to an end as the omicron variant revives coronavirus-related economic risks and major countries continue to reduce their dependence on fossil fuels. Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) is heeding the warning signs, with between $20 billion and $25 billion in capital investments per year through 2027--a decrease of up to 33% from its pre-COVID ambitions--including a total $15 billion over that period on new emissions-reduction efforts. Industrial Info is tracking more than $76 billion in active ExxonMobil projects globally, including more than $33 billion worth in North America.
Click on the image at right for a graph detailing ExxonMobil's active projects, by world region.
As outlined on Wednesday, ExxonMobil's most recent greenhouse gas targets are among the boldest to be proposed by a U.S.-based industry giant. They include a 20% to 30% reduction in company-wide emissions "intensity" by 2030, including a 70% to 80% reduction in methane. "Intensity" is defined as emissions per unit of output; ExxonMobil says this will amount to a reduction in absolute emissions of about 20%.
In February, ExxonMobil announced it had created ExxonMobil Low Carbon Solutions, a new business to commercialize its low-carbon technology portfolio. The subsidiary is advancing plans for more than 20 new carbon-capture and storage (CCS) developments globally, including increasing the CCS capacity at its facility in LaBarge, Wyoming. ExxonMobil says its LaBarge complex already has captured more carbon dioxide (CO2) than any other such facility in the world. The expansion itself would capture up to 1 million metric tons of CO2, in addition to the 6 million to 7 million metric tons already captured at the facility every year. For more information, see October 25, 2021, article - ExxonMobil Plans to Expand CCS Capacity at Wyoming Natural Gas Facility.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Petroleum Refining Project Database can click here for a full list of detailed project reports on major aspects of the two-phase LaBarge CCS project.
ExxonMobil Low Carbon Solutions also is guiding one of the largest CCS projects proposed for Canada: Imperial Oil Limited's (TSX:IMO) (Calgary, Alberta) addition of a renewable diesel complex and CCS unit at its Strathcona Refinery in Edmonton, Alberta. Imperial, in which ExxonMobil holds a 69.6% ownership stake, is proposing a new renewable diesel complex to process 40,000 barrels per day (BBL/d) of locally sourced bio-feedstock and blue hydrogen at the 187,000 BBL/d refinery by 2025, in accordance with ExxonMobil's net-zero commitments. The CCS unit is designed to capture 500,000 metric tons per year. Subscribers can learn more from Industrial Info's detailed project report.
ExxonMobil also is in the process of decommissioning and dismantling a series of oil and gas facilities that have outlived their use. Among them are the Grace Platform in the Santa Clara Field, offshore California, which includes well plugging and abandonment and subsea infrastructure removal; the 20,000-BBL/d natural gas liquids (NGL) fractionator in Point Tupper, Nova Scotia; and the 600 million-standard-cubic-foot-per-day Goldboro Natural Gas Processing Plant in Guysborough, Nova Scotia.
ExxonMobil started well plugging and abandonment at the Grace Platform last year and expects to begin work on the other Grace projects in third-quarter 2022, while the Nova Scotia projects are at an advanced phase and are expected to wrap up toward the end of first-quarter 2022. Subscribers can learn more from Industrial Info's reports on the Grace Platform, its well plugging and subsea infrastructure, and the Point Tupper and Goldboro projects.
For 2021, ExxonMobil expects yearend results will show a 15% to 20% reduction in greenhouse gas intensity (including a 40% to 50% reduction in methane intensity) in its upstream operations, when compared with 2016 levels--which means the company would hit its 2025 goals four years ahead of schedule.
The accelerated reduction in carbon emissions follows a shock decision by shareholders last spring to defy management and elect three members to ExxonMobil's board who were nominated by activist hedge fund Engine No. 1, which is dedicated to addressing climate issues. Those shareholders had been sending signals to ExxonMobil's leadership that they did not want to see a return to sky-high annual budgets that had become commonplace in the years before COVID-19, even if oil and gas prices enjoyed a long rally.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
Click on the image at right for a graph detailing ExxonMobil's active projects, by world region.As outlined on Wednesday, ExxonMobil's most recent greenhouse gas targets are among the boldest to be proposed by a U.S.-based industry giant. They include a 20% to 30% reduction in company-wide emissions "intensity" by 2030, including a 70% to 80% reduction in methane. "Intensity" is defined as emissions per unit of output; ExxonMobil says this will amount to a reduction in absolute emissions of about 20%.
In February, ExxonMobil announced it had created ExxonMobil Low Carbon Solutions, a new business to commercialize its low-carbon technology portfolio. The subsidiary is advancing plans for more than 20 new carbon-capture and storage (CCS) developments globally, including increasing the CCS capacity at its facility in LaBarge, Wyoming. ExxonMobil says its LaBarge complex already has captured more carbon dioxide (CO2) than any other such facility in the world. The expansion itself would capture up to 1 million metric tons of CO2, in addition to the 6 million to 7 million metric tons already captured at the facility every year. For more information, see October 25, 2021, article - ExxonMobil Plans to Expand CCS Capacity at Wyoming Natural Gas Facility.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Petroleum Refining Project Database can click here for a full list of detailed project reports on major aspects of the two-phase LaBarge CCS project.
ExxonMobil Low Carbon Solutions also is guiding one of the largest CCS projects proposed for Canada: Imperial Oil Limited's (TSX:IMO) (Calgary, Alberta) addition of a renewable diesel complex and CCS unit at its Strathcona Refinery in Edmonton, Alberta. Imperial, in which ExxonMobil holds a 69.6% ownership stake, is proposing a new renewable diesel complex to process 40,000 barrels per day (BBL/d) of locally sourced bio-feedstock and blue hydrogen at the 187,000 BBL/d refinery by 2025, in accordance with ExxonMobil's net-zero commitments. The CCS unit is designed to capture 500,000 metric tons per year. Subscribers can learn more from Industrial Info's detailed project report.
ExxonMobil also is in the process of decommissioning and dismantling a series of oil and gas facilities that have outlived their use. Among them are the Grace Platform in the Santa Clara Field, offshore California, which includes well plugging and abandonment and subsea infrastructure removal; the 20,000-BBL/d natural gas liquids (NGL) fractionator in Point Tupper, Nova Scotia; and the 600 million-standard-cubic-foot-per-day Goldboro Natural Gas Processing Plant in Guysborough, Nova Scotia.
ExxonMobil started well plugging and abandonment at the Grace Platform last year and expects to begin work on the other Grace projects in third-quarter 2022, while the Nova Scotia projects are at an advanced phase and are expected to wrap up toward the end of first-quarter 2022. Subscribers can learn more from Industrial Info's reports on the Grace Platform, its well plugging and subsea infrastructure, and the Point Tupper and Goldboro projects.
For 2021, ExxonMobil expects yearend results will show a 15% to 20% reduction in greenhouse gas intensity (including a 40% to 50% reduction in methane intensity) in its upstream operations, when compared with 2016 levels--which means the company would hit its 2025 goals four years ahead of schedule.
The accelerated reduction in carbon emissions follows a shock decision by shareholders last spring to defy management and elect three members to ExxonMobil's board who were nominated by activist hedge fund Engine No. 1, which is dedicated to addressing climate issues. Those shareholders had been sending signals to ExxonMobil's leadership that they did not want to see a return to sky-high annual budgets that had become commonplace in the years before COVID-19, even if oil and gas prices enjoyed a long rally.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
