VIDEO: $1 Billion Worth of Carbon Capture Projects
Can the US afford to spend billions of dollars to invest in thisrisky business of carbon capture and storage (CCS) projects?
So far, the US Department of Energy’s CCS investment is moving alongas 3 companies — Air Products & Chemicals, Archer Daniels Midland(ADM) and Leucadia Energy — are now on their phase II activities. DOE announcedlast week that the three companies will receive up to $612 millionfrom the American Recovery and Reinvestment Act – matched by $368million in private funding.
The projects – located in Texas, Illinois, and Louisiana – wereinitially selected in October 2009 for phase one research anddevelopment grants. The projects are expected to capture and store 6.5million tons of CO2 per year, and increase domestic production of oil by more than 10 million barrels per year by the end of the demonstrationperiod in September 2015.
The Leucadia project is expected to capture and sequester 4.5mtons/year of CO2 from a new methanol plant in Lake Charles, LA. The CO2will be delivered via a 12-mile connector pipeline to an existingDenbury interstate CO2 pipeline and sequestered via use for enhanced oil recovery in the West Hastings oilfield.
Air Products will capture and sequester one million tons/year of CO2from existing steam-methane reformers in Port Arthur, Texas, starting in November 2012. The CO2 will be delivered via a 12-mile connectorpipeline to an existing Denbury interstate CO2 pipeline and sequesteredvia use for enhanced oil recovery in the West Hastings oilfield.
ADM’s project will capture and sequester one million tons/year of CO2 from an existing ethanol plant in Illinois, starting in August 2012.The CO2 will be sequestered in the Mt. Simon Sandstone, awell-characterized saline reservoir located about one mile from theplant.
A lot of chemical companies are actually looking into developingtechnologies for this potential profitable market. Pike Research estimates global revenues for CCS systems could reach $128 billion by 2030. If the forecast scenario includes more aggressiveassumptions for global climate policy and industry adoption, PikeResearch anticipates that the worldwide CCS market could reach as highas $221 billion in the same time frame.
Shell explains in this video the challenges and potential of CCS aswell as current CCS projects that they’re doing:
Green ChemicalsMonitoring the development of green within the chemical industry
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