Oil giants plan to bury massive amounts of CO2 in Southeast Asia
Just as they first ventured to do over a century ago, the world’s largest oil companies are staking claims far from home — this time to swallow, rather than spew, planet-warming industrial emissions.
Carbon dioxide storage is emerging as a potential multibillion-dollar revenue stream for firms like Exxon Mobil, Shell and Chevron, which are under global pressure to rein in the unfettered burning of fossil fuels.
Related Knowledge Center: Carbon capture
The federal government is investing heavily in the development of carbon capture and storage (or sequestration), which offers the enticing prospect of preventing carbon dioxide emissions produced during combustion from entering the atmosphere and contributing to climate change. But the technologies involved, while proven, remain expensive, an obstacle to widespread adoption.