Engineering Services – The global economy will never be the same as it was before the global pandemic that disrupted all walks of life. The major reason for the same area is as follows.
- Reduction in overall demand across the globe due to slow down in economies.
- Pressure from shareholders for carbon constraint world to counter the climate changes.
- New regulatory threats from the current US administration.
Now the three points shared above to complete the ecosystem of the business, customer, shareholders, and the administration. You might agree deviating from the requirement of any one of the above can have a catastrophic impact on the overall business. And this spate of individual projects is a promising sign for a technology on which much hope rests – CCS could account for one-third of the emissions reduction required to meet the global net-zero target by 2050.
Believe it or not, carbon capture and storage (CCS) is starting to happen.
We’re witnessing a plethora of CCS projects that have emerged in the last year or so. They are large and small in scope, majorly upstream and LNG, along with energy-intensive industries that are beyond the oil and gas value chain including the power, steel, cement and fertilizer verticals.
But the problem is how do we meet all three, technology for carbon collection from the atmosphere that has been in existence for a long time & yet the commercial constraint has not made the technology popular enough. However, the recent pressure from the global community and the US administration policies have made all the major oil producer companies focus on strategies to reduce and achieve net-zero carbon emission.
In the wake of the above decision, Exxon Mobil – one of the leading oil producers has declared an overall investment of $3 trillion for carbon capture by 2040. They recently announced $3 Billion for carbon capture and storage projects in the next 5 years. On the same lines, other producers as Chevron, Shell, BP, Total Oil among have planned similar investments in technology to meet the guidelines and business goals.
One of the most commonly used methods by leading producers includes capturing all the carbon coming out of the petrochemical plant and store the same, to further convert it into clean and reusable fuel. While similar kinds of projects are sanctioned for carbon capture in the existing petrochemical plants yet they require a lot of modification in the existing system and building some new units to achieve the objective.
Engineering Services
Engineering is the use of scientific principles to design and build machines, structures, and other items, including bridges, tunnels, roads, vehicles, and buildings.[1] The discipline of engineering encompasses a broad range of more specialized fields of engineering, each with a more specific emphasis on particular areas of applied mathematics, applied science, and types of application. See glossary of engineering.
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source: https://www.rishabheng.com/blog/carbon-capture-in-petrochemical-industry/