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Exxon proposes massive carbon capture and storage project in Houston

Credit: REUTERS/SERGIO MORAES

Exxon Mobil is proposing a massive carbon capture project in Houston that would permanently store emissions from the largest U.S. petrochemical complex beneath the Gulf of Mexico.

April 19 (Reuters) - Exxon Mobil XOM.N is proposing a massive carbon capture project in Houston that would permanently store emissions from the largest U.S. petrochemical complex beneath the Gulf of Mexico.

The plan would cost at least $100 billion in private and public funding and require a coalition of dozens of companies and investors, as well as agreement from regulators and government agencies, but Exxon executives said it is possible using existing technology to capture and store about 50 million metric tons of carbon dioxide annually by 2030.

An Exxon executive outlined the plan in a blog post on Monday evening.

(Reporting by Jennifer Hiller Editing by Chris Reese)

((Jennifer.Hiller@thomsonreuters.com; +1 281 254 9109;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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