The Carbon Corner - Issue #78

Discover the latest developments in carbon capture and storage (CCS) initiatives with our 78th edition of The Carbon Corner. From major investments by tech giants like Google to strategic partnerships between energy companies and government initiatives, the landscape of carbon capture technologies is rapidly evolving. Today we cover it all!

Petrobras and Mitsui Partner to Explore Low-Carbon Opportunities in Brazil

Brazilian state-owned oil and gas company Petrobras has partnered with Japanese trading company Mitsui & Co. to explore low-carbon business opportunities, signing a memorandum of understanding (MoU) during the CERAWeek conference in Houston.

This collaboration aims to assess potential ventures in sustainable hydrogen production, biomethane utilization, and carbon capture, transportation, and storage (CCS). According to Petrobras, the agreement aligns with their strategic plan for 2024-28+, focusing on a sustainable future and contributing to an equitable energy transition. With plans to invest up to $11.5 billion in low-carbon projects over the next five years, Petrobras aims to decarbonize operations and advance initiatives in biorefining, wind, solar, CCUS, and hydrogen to support a greener energy landscape.

Google Commits $35 Million to Carbon Capture Projects, Matching US Government's Investment

Google has committed to investing $35 million in carbon capture projects, matching the US government's recent announcement of purchasing the same amount in carbon removal credits through the DOE's Carbon Dioxide Removal Purchase program. The tech giant aims to contract for at least $35 million worth of carbon removal credits over the next year as part of its initiatives.

While Google didn't specify preferred carbon capture technologies or geographical focuses, Randy Spock, Google's carbon credits and removals lead, expressed excitement to accelerate the carbon removal industry. Google, alongside Meta, is part of Frontier Climate, which aggregates purchases of carbon capture credits from various projects and technologies. While Google has made recent purchases through Frontier, details remain undisclosed. With renewable power agreements prevalent in the data center industry, carbon capture investment is still nascent, although Microsoft has been a significant investor in carbon capture and removal to offset historical emissions and achieve carbon neutrality.

Occidental Petroleum's Stratos Project: Leading the Charge in Direct-Air Carbon Capture

Occidental Petroleum Corp's CEO Vicki Hollub announced at the CERAWeek energy conference that the company's first direct-air carbon capture project is 70% complete, with the first phase expected to start up in mid-2025. Named the Stratos project, it aims to remove 500,000 tons of carbon from the atmosphere annually. Backed by a $550 million investment from BlackRock Inc., Occidental has secured deals to sell carbon removal credits to companies like AT&T and TD Bank. Hollub emphasized the importance of collaboration with global partners to achieve carbon reduction goals, acknowledging that current credit availability falls short of the desired scale.

TotalEnergies Acquires Talos Low Carbon Solutions: Advancing CO2 Storage Solutions for Net Zero Goals

Talos Energy Inc. has finalized the sale of its subsidiary, Talos Low Carbon Solutions LLC (TLCS), to TotalEnergies E&P USA, Inc. for approximately $148 million. The deal includes Talos's entire carbon capture and sequestration (CCS) business, encompassing projects like Bayou Bend, Harvest Bend, and Coastal Bend along the U.S. Gulf Coast. TotalEnergies will take ownership stakes in these projects, with plans to divest its interest in Coastal Bend and Harvest Bend post-transaction.

The Bayou Bend project, strategically located near major industrial hubs, presents significant CO2 storage potential. TotalEnergies sees this acquisition as a crucial step towards reducing emissions from its U.S. operations, aligning with its commitment to achieving Net Zero by 2050. Talos President and CEO, Timothy S. Duncan, emphasized the company's focus on maximizing value for shareholders while exploring new growth opportunities in the Upstream business.

Saipem Secures Letter of Intent for UK Offshore Carbon Capture Projects

Saipem S.p.A has secured a letter of intent for two crucial projects aimed at developing offshore carbon dioxide transportation and storage infrastructure for the East Coast Cluster in the United Kingdom. These projects, the Northern Endurance Partnership (NEP) and Net Zero Teesside Power (NZT), involve joint ventures with industry giants like BP, Equinor, and TotalEnergies. Saipem's responsibilities include engineering, procurement, construction, and installation of offshore pipelines and associated facilities for NEP, as well as water outfall operations for NZT. However, the final award is contingent upon regulatory clearances and investment decisions expected by September 2024.

Once operational, these projects will play a significant role in the East Coast Cluster, with a transportation and storage capacity of 4 million tons per year by 2027. Saipem's involvement underscores its commitment to low and zero-carbon initiatives, leveraging its expertise and assets to support the realization of a zero-carbon industrial hub in England and the UK's net-zero targets.

Schaper Energy Consulting is a professional engineering firm offering carbon strategy services to CCS site developers. Check out some examples of our projects here:

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We hope you enjoyed reading this week and hope to see you back next week for more!

Schaper Energy Consulting

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