Oil giants invest in carbon capture

Oil giants invest in carbon capture

Three oil giants have signed a carbon capture deal.

Shell, Statoil and Total have entered a partnership to develop large scale carbon capture ans storage in Norway.

This follows the award of a contract from Gassnova to Statoil in June for the first phase of this project.

The first phase of the project will capture 1.5 million tons per year of carbon dioxide.

Statoil’s executive vice president for New Energy Solutions, Irene Rummelhoff said: “Statoil believes that without carbon capture and storage, it is not realistic to meet the global climate target as defined in the Paris Agreement. A massive scale up of number of CCS projects are needed and collaboration and sharing of knowledge are essential to accelerating the development. We are very pleased to have Shell and Total as partners and believe their experience and capabilities will further strengthen this project”.

Shell’s executive vice president for Environment and Safety, Monika Hausenblas, said: “Shell sees CCS as a transformative technology that can significantly reduce emissions from those industrial sectors that will continue to rely on hydrocarbons for decades to come. Shell has significant experience of working with governments and other experts to support the development and wide-scale deployment of CCS and are pleased to be joining forces with our joint venture partners.”

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