The licenses are off the east coast of England, in waters where ExxonMobil has developed oil and gas resources for decades. If assessments prove successful, we will apply to the UK government for permission to develop the carbon storage projects, which would support the UK’s ambition to store more than 50 million metric tons of carbon annually by 2050.
CCS is one of the few proven solutions that can significantly reduce CO2 emissions from industrial sectors – including the energy industry.
As Stuart Payne, chief executive of the NSTA, said in announcing the awards: “Carbon storage will play a crucial role in the energy transition, storing carbon dioxide deep under the seabed and playing a key role in hydrogen production and energy hubs.”
