Texaco Press Release - Seven Global Energy Companies Announce Joint Project
FOR IMMEDIATE RELEASE: THURSDAY, MAY 4, 2000.
WASHINGTON, D.C., May 4 - Seven global energy companies announced today that they have joined forces to research and develop advanced carbon dioxide (CO2) separation and geologic storage technology aimed at reducing greenhouse gas emissions. BPAmoco, Chevron, Norsk Hydro, the Royal Dutch/Shell Group of companies, Statoil, Suncor Energy and Texaco will all participate in the $20 million, three and a half year CO2 Capture Project (CCP). BP Amoco will act as project coordinator.
Through the CCP, the project partners aim to develop effective methods to capture significant amounts of CO2 emitted from power generation and industrial sources and store the gas in geologic formations below the earth's surface. If successful, the project could lead to a notable reduction in greenhouse gas emissions across a wide range of industries, not just the energy sector.
In a joint statement, members of the CCP said, "We share society's concern over the issue of climate change. While each member company is actively working to manage its own greenhouse gas emissions through a portfolio of initiatives, this project underscores our joint commitment to developing innovative ways to address the climate change issue. Pooling our technical and financial resources in this way will give the project added impetus."
The purpose of carbon dioxide separation and geologic storage is to prevent man-made emissions from reaching the atmosphere by capturing the gas and safely storing it in geologic formations deep within the earth. The oil industry has extensive experience in the handling of large volumes of CO2, which is injected into approximately 70 oil fields worldwide to enhance oil recovery.
The CCP will conduct comprehensive research on separation methods, develop procedures and guidelines for monitoring and verifying storage of CO2, and seek to encourage policies to further the technical and economic viability of CO2 capture and storage. Depending on its success, this technology development phase of the project may be followed by prototype testing and demonstration.
In a drive to make the project a collaborative effort between industry and government, participation in the project will also be sought from government agencies in North America and Europe.
Updated: May 2000