The real reason why oil and gas companies are bullish on carbon capture

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The real reason why oil and gas companies are bullish on carbon capture

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The real reason why oil and gas companies are bullish on carbon capture

//science-technology.news-articles.net/content/2 .. gas-companies-are-bullish-on-carbon-capture.html

Published in Science and Technology on Friday, February 21st 2025 at 13:02 GMT by TechCrunch

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source

Occidental CEO Vicki Hollub compared using CO2 in enhanced oil recovery to fracking, the technology that sent U.S. oil and gas production skyrocketing.

2025-02-21 165 x 110 / 4608 Bytes

The article from TechCrunch, published on February 21, 2025, discusses the underlying motivations behind the oil and gas industry's increasing interest in carbon capture and storage (CCS) technologies. Despite the global push towards renewable energy, these companies are investing heavily in CCS not just for environmental reasons but primarily as a strategy to extend the life of fossil fuel usage. The piece explains that CCS allows oil and gas companies to continue their core business by capturing CO2 emissions from their operations and storing them underground, thereby mitigating some of the environmental impact. This approach is seen as a way to reconcile the industry's future with global climate goals, providing a bridge while renewable technologies scale up. Moreover, CCS could potentially enable enhanced oil recovery (EOR), where captured CO2 is used to extract more oil from existing wells, thus creating a dual benefit for the companies. Critics, however, argue that this enthusiasm for CCS might be more about greenwashing and delaying the transition to cleaner energy sources, as the technology's scalability, cost-effectiveness, and long-term efficacy remain under scrutiny.

Read the Full TechCrunch Article at:
[ https://techcrunch.com/2025/02/21/the-real-reason-why-oil-and-gas-companies-are-bullish-on-carbon-capture/ ]