Chevron and Enterprise Products Partners are exploring carbon storage business opportunities.
Through its Chevron New Energies division, Chevron U.S.A. Inc. and a subsidiary of Enterprise Products Partners L.P. announced a framework to study and evaluate opportunities for carbon dioxide capture, utilization and storage (CCUS) from their respective business operations in the U.S. Midcontinent and Gulf Coast.
The companies expect the initial phase of the study to last about six months. They have worked together on prior business opportunities and believe they bring complementary capabilities to successfully pursue CCUS, Chevron highlighted.
Projects resulting from the evaluation would seek to combine Enterprise’s extensive midstream pipeline and storage network with Chevron’s sub-surface expertise to create opportunities to capture, aggregate, transport and sequester carbon dioxide in support of the evolving energy landscape, Chevron noted.
“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,” Jeff Gustavson, the president of Chevron New Energies, said in a company statement.
“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,” he added.
A.J. ‘Jim’ Teague, the co-chief executive officer of Enterprise’s general partner, said “the joint study with Chevron is part of our growing focus on developing and utilizing new technologies and leveraging our transportation and storage network in order to better manage our own carbon footprint and provide customers with new midstream services to support a lower carbon economy”.
“Our success in upgrading and repurposing existing assets will be important to the success of any initiative we move forward with,” he added.
During its Energy Transition Spotlight on September 14, Chevron outlined that it was accelerating its lower carbon ambitions. The company announced that it expects to invest more than $10 billion between now and 2028, including $2 billion to lower the carbon intensity of its operations. This is more than triple the company’s previous guidance of $3 billion, Chevron highlighted.
Chevron describes itself as one of the world’s leading integrated energy companies. The business believes affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world, according to its site.
Enterprise Products Partners is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, natural gas liquids, crude oil, refined products and petrochemicals, according to the company’s website. The company notes on its site that it has grown significantly since its IPO in July 1998, increasing its asset base from $715 million to $64 billion as of December 31, 2020.
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