Energy companies launch joint research into carbon sequestration
Seven global energy companies have joined forces to research the prospects for separating and storing CO2 beneath the earth's surface.
BP Amoco, Chevron, Norsk Hydro, the Royal Dutch/Shell Group of companies, Statoil, Suncor Energy and Texaco will participate in the $20 million, three and a half year CO2 Capture Project (CCP). BP Amoco will act as project co-ordinator.
The CCP aims to develop methods to capture CO2 emitted from power generation and industrial sources and store the gas in geologic formations below the earth’s surface. The project is intended to lead to a significant reduction in greenhouse gas emissions across a range of industries.
The oil industry already has extensive experience in the handling of large volumes of CO2, which is often injected into oil fields to enhance oil recovery.
The CCP will conduct research on separation methods, develop procedures and guidelines for monitoring and verifying storage of CO2, and seek to encourage policies to further the technical and economic viability of CO2 capture and storage. Depending on its success, this technology development phase of the project may be followed by prototype testing and demonstration.
In a drive to make the project a collaborative effort between industry and government, participation in the project will also be sought from government agencies in North America and Europe.