Oil and Gas Sector Strategies for CCUS
Summary
Project announcements continue to bolster the CCUS capacity outlook, with the current project pipeline resulting in a CAGR of 34% between 2021 and 2030. This represents a slightly reduced growth rate to previous years, reflecting the stabilization of growth rates in CCUS’ most developed markets. The oil and gas industry continues to be a major driver of the CCUS market, with companies such as ExxonMobil, Chevron and QatarEnergy featuring in the current ranking of leading owners of CCUS capacity.The oil and gas industry continues to be a major driver of the CCUS market, with companies such as Exxon Mobil, Chevron and QatarEnergy featuring in the current ranking of leading owners of CCUS capacity. The presence of oil and gas within the CCUS market is expected to continue as more oil and gas companies develop projects towards the end of the decade. As a result of these projects, Equinor is expected to lead combined CCUS capacity in 2030 followed by Eni.
A number of strategies for CCUS are emerging within the oil and gas sector, with the biggest oil and gas companies often investing in a combination of capture and storage projects. In addition, although there is still a high prevalence of sole ownership, there is a trend of risk sharing through the use of consortiums for large-scale capture projects. Overall, the oil and gas sector is establishing itself as both an owner and operator across the CCUS value chain, including capture, carbon pipelines, and carbon storage facilities.
Key Highlights
- Although 32% of 2030’s projected capacity is currently in the feasibility stage, this is distinctly lower than the same statistic for other emerging energy technologies such as low-carbon hydrogen. A further breakdown of capacity by development stage indicates a significant proportion of upcoming CCUS capacity migrating into later stages of development, with an increased likelihood of project completion.
- More emerging technologies such as low-carbon hydrogen and CCUS are expected to contribute emission reduction in the longer term, reflecting their role in averting emissions from otherwise difficult to decarbonize sectors.
- A major shift towards post-combustion techniques is expected between now and 2030, with this capture technology dominating 62% of active capacity by the end of the decade. This will largely come as a result of increased adoption across power generation and heavy industry facilities.
- The United States’ existing base of active capacity combined with its strong pipeline of post-feasibility stage projects will propel the overall capacity of the North America region, allowing it to retain its leadership of the global carbon capture market.
Scope
- The role of CCUS in mitigating climate change
- CCUS technology briefing
- CCUS challenges and opportunities for oil and gas
- Global CCUS Outlook
- Leading regions and countries for CCUS capacity
- Largest capture and storage projects globally
- Leading companies by capture capacity in 2023
- Leading companies by capture capacity in 2030
- Leading operators of CCUS projects
- Oil and gas EPCs focussing on CCUS within their strategies
- Major oil and gas sector deals related to CCUS
Reasons to Buy
- Identify market trends within the oil and gas sector, including the analysis of the strategies that the biggest industry players are implementing to enter the CCUS market.
- Understand the key oil and gas players that are investing in CCUS.
- Develop market insight of the major technologies and pathways that are being employed within the CCUS market.
- Stay up to date with the latest deals related to CCUS in the oil and gas sector
Table of Contents
- The role of CCUS in mitigating climate change
- Emission reduction from energy transition technologies
- CCUS for hard to abate industries
- The oil and gas CCUS strategy
- CCUS technology types
- The CCUS value chain and oil and gas focus areas
- The strategic value of CCUS for oil and gas
- Challenges and opportunities of CCUS
- CCUS market key trends
- The CCUS capacity outlook
- Technological shifts in the CCUS market
- Capture and storage capacity by geography
- CCUS adoption across industries
- The role of oil and gas in CCUS
- Current and future leading owners of CCUS capacity
- Leading operators of CCUS capacity
- Largest capture and storage projects by 2030 capacity
- The role of oil and gas in carbon pipelines
- Oil and gas EPCs focussing on CCUS
- CCUS market signals in oil and gas
- Assessing oil and gas company activity using alternative datasets
- Oil and gas CCUS deal activity
- Company filings analysis
- CCUS hiring trends analysis
- Challenges and opportunities of CCUS for oil and gas
- The biggest upcoming carbon capture projects
- Emerging carbon capture, transport, and storage ecosystems.
- Oil and gas EPCS concentrating on CCUS
- Oil and gas sector deals related to CCUS
- Filing extracts with mentions of CCUS from energy players
- CO2 emissions reductions in the energy sector in the sustainable development scenario relative to the stated policies scenario
- Contribution of CCUS to emission reduction by sector in the sustainable development scenario, 2030 - 2070
- The CCUS value chain and oil and gas focus areas
- The strategic value of CCUS in the face of industry challenges
- CCUS capacity outlook
- Breakdown of CCUS capacity in 2023 by capture type
- Breakdown of CCUS capacity in 2030 by capture type
- Breakdown of capture capacity by stage and region
- Top 10 countries by capture capacity based on active and announced projects
- Breakdown of storage capacity by project stage and region
- Top 10 countries by carbon storage capacity based on active and announced projects
- Breakdown of active and upcoming capture capacity by facility industry
- Leading owners of 2023 CCUS capacity
- Leading owners of 2030 CCUS capacity
- Leading operators of CCUS capacity in 2030
- Map of carbon storage project intensity
- A snapshot of CCUS deal activity in the oil and gas sector
- Leading companies by mentions of CCUS in corporate filings, January 2022 - December 2024
- Distribution of posted jobs related to CCUS in the oil and gas sector, Jan 2022 - November 2024
- Leading companies by job postings related to CCUS, Jan 2022 - December 2024
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- The Mitchell Group Inc
- Exxon Mobil Corp
- Basin Electric Power Coop
- Chevron Corp
- Canadian Natural Resources Ltd
- QatarEnergy
- ENEOS Corp
- Shell plc
- China Petrochemical Corp
- Air Products and Chemicals Inc
- Saskatchewan Power Corp
- Equinor ASA
- Eni SpA
- Occidental Petroleum Corp
- Enhance Energy Inc
- Summit Agricultural Group
- TotalEnergies SE
- Holcim Ltd
- Calpine Corp
- Baayou Bend CCS LLC
- Summit Carbon Solutions LLC
- Santos Ltd
- Air Liquide SA
- Tallgrass Energy LP
- Denbury Carbon Solutions LLC
- Liverpool Bay CCS Ltd
- China National Offshore Oil Corp
- TC Energy Corporation
- Saudi Arabian Oil Co.
- Prairie State Energy Campus LLC
- Drax Group Plc
- Abu Dhabi National Oil Co
- BW Group Ltd
- Clean Hydrogen Works
- Wolf Midstream
- TechnipFMC
- Baker Hughes Co
- Saipem S.p.A
- John Wood Group plc
- McDermott International
- Ltd
- KBR Inc
- AkerSolutions ASA
- Petrofac Ltd
- Worley Ltd
- Fluor Corp
- Mitsubishi Heavy Industries Ltd
- Chiyoda Corporation
- Eni Next LLC
- Schlumberger Ltd
- Carbon Engineering Ltd
- Storegga Geotechnologies Ltd
- Talos Low Carbon Solutions
- Aker Carbon Capture AS
- Mitsui OSK Lines Ltd
- M2X Energy
- BKV Corp
- Heidelberg Materials AG
- Aker Horizon AS
- FuelCell Energy Inc
- Linde plc
- BP Plc.
