Oil and Gas Sector Strategies in Carbon Capture Utilization and Storage
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Oil and Gas Sector Strategies in Carbon Capture Utilization and Storage Report Overview
The total number of carbon capture utilization and storage (CCUS) projects was 66 in 2023. From 2023 to 2030, active CCUS capacity will increase at a CAGR of more than 37%. A strong increase in the number and maximum capacity of CCUS projects is expected as more commercial-scale projects become active in the coming years. CCUS will become an increasingly prominent emission reduction technology as the scale of projects increases. Renewables and technology performance are forecast to deliver a few of the biggest reductions in annual carbon emissions before 2030.
The oil and gas sector strategies in carbon capture utilization and storage report presents data on the emission reduction potential of CCUS, focus areas for the oil and gas sector within the CCUS market, and active and pipeline capacity by capture technology and company. The report also provides an overview of the oil and gas sector’s engagement with CCUS technology.
Active CCUS Project Capacity (2022) | 66 |
CAGR (2023-2030) | >37% |
Key Countries | · United States
· United Kingdom · Norway · Canada · Netherlands |
Key Projects | · Occidental Century Gas Plant CCS Project
· ExxonMobil Shute Creek Gas Plant CCS Project · Drax Power Plant BECCS Project · ExxonMobil Baytown Refinery CCS Project · San Juan CCS Project |
Key Deals | · Partnerships
· Capital Raisings · Acquisitions · Asset Transactions |
Leading Players | · Occidental Petroleum
· ExxonMobil · Basin Electric Power Cooperative · Canadian Natural · Chevron |
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Oil and Gas Sector Strategies in CCUS – Key Countries
The key countries in the CCUS market are the United States, the United Kingdom, Norway, Canada, the Netherlands, and Australia among others. In 2023, the United States was a clear leader in the future CCUS market in terms of pipeline capacity. National policies aimed at increasing CCUS capacity will also create opportunities as well as disruption for the oil and gas sector.
Oil and Gas Sector Strategies in CCUS Analysis by Countries, 2023 (%)
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Oil and Gas Sector Strategies in CCUS – Key Projects
The key projects in the oil and gas sector strategies in CCUS are Occidental Century Gas Plant CCS Project, ExxonMobil Shute Creek Gas Plant CCS Project, Drax Power Plant BECCS Project, ExxonMobil Baytown Refinery CCS Project, and San Juan CCS Project among others. In 2023, the Occidental Century Gas Plant CCS Project was the active leading project using precombustion capture in natural gas processing.
Oil and Gas Sector Strategies in CCUS Analysis by Projects, 2023 (%)
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Oil and Gas Sector Strategies in CCUS – Key Deals
The key deals in the oil and gas sector strategies in CCUS are partnerships, acquisitions, capital raisings, and asset transactions. In 2021, 111 deals related to CCUS have taken place. In 2021, partnerships was the highest deal related to CCUS.
Oil and Gas Sector Strategies in CCUS Analysis by Deals, 2023 (%)
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Oil and Gas Sector Strategies in CCUS – Competitive Landscape
Oil and gas companies will play a prominent role in CCUS adoption. Furthermore, new entrants such as Enhance Energy and Summit Agricultural Group indicate the growing involvement of specialist CCUS companies and non-fossil fuel players.
Oil and gas players dominate ownership of active capacity in the current CCUS market. The key companies in the oil and gas sector strategies in CCUS are Occidental Petroleum, ExxonMobil, Basin Electric Power Cooperative, Canadian Natural, and Chevron among others. In 2023, Occidental Petroleum currently held the largest active CCUS capacity, followed closely by ExxonMobil.
Oil and Gas Sector Strategies in CCUS Analysis by Companies, 2023 (%)
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Scope
- Understand the key trends and challenges within the CCUS market.
- Identify the key countries and players for CCUS capture and storage capability.
- Develop market insight of current, in development, and announced capacity and latest trends of the sector.
- Understand how the oil and gas sector is engaging with this technology through upcoming capacity as well as alternative datasets such as deals, hiring, and company filings trends.
Key Highlights
CCUS represents an important opportunity for the oil and gas industry, allowing ongoing emissions to be mitigated, helping the sector to balance energy security with decarbonization, as well as having the potential to remove carbon dioxide from the atmosphere.
Oil and gas players that build their capability across the full suite of CCUS technologies, especially direct air capture, will be in the strongest position as countries continue to decrease their reliance on fossil fuels.
Between 2030 and 2070, CO2 reductions from CCUS are expected to increase from 0.6Gt to 6.89 Gt, representing a CAGR of 6.3%.
The number of active projects is expected to rise from 66 in 2023 to 285 by the end of the decade.
A major shift towards post-combustion capacity is expected between now and 2030, with this technology type dominating 65% of active capacity by the end of the decade. Oil and gas players should consider increasing their capability in this area in order to capitalize on the wider decarbonization of a number of industries that represent point sources of emissions.
High capital costs have created a barrier to entry, resulting in the top 10 companies accounting for over 75% of total active CCUS capacity. As a result, the oil and gas sector currently accounts for the majority of active CCUS capacity.
Reasons to Buy
Understand the key trends and challenges within the CCUS market
Identify the key countries and players for CCUS capture and storage capability.
Develop market insight of current, in development and announced capacity and latest trends of the sector.
Understand how the oil and gas sector is engaging with this technology through upcoming capacity as well as alternative datasets such as deals, hiring and company filings trends.
Exxon Mobil Corp
Basin Electric Power Cooperative
Canadian Natural Resources
Chevron Corp
Air Products and Chemicals Inc.
QatarEnergy
ENEOS Corporation
Shell Plc
Sinopec
Equinor ASA
Eni S.p.A
Enhance Energy Inc.
Summit Agricultural Group
Santos Ltd.
Drax Group Plc
Enchant Energy Corp
Prairie State Energy Campus LLC
Bakken Energy LLC
Mitsubishi Heavy Industries Ltd
Oil and Natural Gas Corp
Saudi Arabian Oil Co
ConocoPhillips
BP Plc.
Table of Contents
Table
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Frequently asked questions
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Which was the leading country in the CCUS market in 2023?
In 2023, the United States was a clear leader in the future CCUS market in terms of pipeline capacity.
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Which was the leading oil and gas project in the CCUS market in 2023?
In 2023, the Occidental Century Gas Plant CCS Project was the active leading project using precombustion capture in natural gas processing.
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Which was the leading deal in the oil and gas project in the CCUS market in 2021?
In 2021, partnerships was the highest deal related to CCUS.
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Which are the key companies in the oil and gas strategies in the CCUS market?
The key companies in the oil and gas sector strategies in CCUS are Occidental Petroleum, ExxonMobil, Basin Electric Power Cooperative, Canadian Natural, and Chevron among others.
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