Exxon Mobil, CF Industries sign carbon capture and storage deal

Talos Energy

25/07/2024 23:06

July 25 (Reuters) - Energy major Exxon Mobil  XOM.N 
said on Thursday it has entered into a carbon capture and
storage (CCS) agreement with ammonia producer CF Industries
 CF.N .
    Carbon capture is a process through which carbon dioxide
(CO2) generated from industrial activity is stored underground.
The process has been embraced by oil companies including Chevron
 CVX.N , Occidental Petroleum  OXY.N  and Talos Energy  TALO.N .
    Exxon will transport and store up to 500,000 metric tons per
year of the captured CO2 from CF Industries' complex in Yazoo
City, Mississippi, which makes nitrogen products for
agricultural fertilizer.
    The project will enable CF Industries to reduce the site's
CO2 emissions by up to about 50% and is expected to start in
2028, Exxon said in a statement.
    The agreement marks Exxon's fourth CCS project and the
second with CF. Last year, it signed a CCS agreement with Nucor.
In March, Exxon and Shell said they would work with Singapore to
develop a cross-border CCS project.

 (Reporting by Vallari Srivastava in Bengaluru; Editing by Alan
Barona)
 ((Srivastava.Vallari@thomsonreuters.com;))