Energy company Chevron has partnered with energy services firm Enterprise Products Partners to assess carbon capture storage and utilisation in the US.
The two companies have launched a study to evaluate business opportunities within the carbon capture storage and utilisation market. The first phase of the project is expected to last six months.
Jeff Gustavson, president of Chevron New Energies, said: “This joint effort has the potential to advance our ongoing work to grow our lower carbon businesses with commercial-scale using the industry expertise both companies bring to the project.
“International climate change scientists working with the United Nations have identified carbon capture as a critical technology needed to help the global energy system transition to a lower-carbon future.”
The two companies have previously worked together and seek to create a joint venture that will focus on carbon dioxide capture, storage and transportation to power emerging energy business cases.
The move enables the two to play a role in the decarbonisation of various industries.
Chevron has set aside $10 billion in capital to expand its low-carbon energy business including funding operations in renewable energy, hydrogen and carbon capture, storage and utilisation.
Michael Wirth, Chevron’s chairman and CEO, added: “Our planned actions target sectors of the economy that are harder to abate and leverage our capabilities, assets, and customer relationships.”
The capital is expected to enable Chevron to grow hydrogen production to 150,000 tonnes per year and increase carbon capture and offsets to 25 million tonnes per year.
A.J. Jim Teague, co-chief executive of Enterprise, reiterated that the collaboration with Chevron enables his company to continue developing and utilising new technologies and “to better manage our own carbon footprint and provide customers with new midstream services to support a lower-carbon economy.”