Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "Oil and gas sector strategies in Carbon Capture Utilization and Storage" report has been added to ResearchAndMarkets.com's offering.
A pivotal research publication has been released, casting a spotlight on how the oil and gas industry is propelling Carbon Capture Utilization and Storage (CCUS) technology forward in its bid to align with global decarbonization targets. This comprehensive overview emphasizes the technology’s emission reduction potential, delineates active and forthcoming projects, and deciphers the growth and strategic positioning of different players within the sector.
Seizing Opportunities with CCUS Innovation
The report underscores the essential role of CCUS in the quest to maintain the critical threshold of a 1.5-degree Celsius temperature rise. With a forecasted Compound Annual Growth Rate (CAGR) of 38% stretching from the present to 2030, it also highlights a pressing need for rapid scaling of the technology. Oil and gas companies are identified as pivotal in this expansion, leveraging their expertise to bridge energy security and sustainable practices.
- Strategic Evolutions and Market Dynamics: The detailed analysis presents a shift with Exxon Mobil poised to outperform Occidental Petroleum in market capacity by 2030.
- Technological Diversification: Companies diversifying across the CCUS spectrum, especially in the realm of direct air capture, will be notably advantaged as global reliance on fossil fuels diminishes.
- Projected Growth Trajectory: A promising rise in CO2 reductions via CCUS—from 0.6 Gt to 6.89 Gt between 2030 and 2070, marking a 6.3% CAGR.
- Expanding Project Landscape: The number of active projects is projected to experience a significant increase, reaching a total of 285 by 2030.
Essential Insights into Technology and Investment
Post-combustion capture technology is expected to command the lion's share of CCUS strategy by the end of the decade, indicating a trend towards the wider decarbonization across various industries. Furthermore, the high capital cost associated with CCUS has resulted in a concentration of market capacity within the top tier companies, accounting for more than 75% of present capacity.
Global Snapshot and Corporate Movements
The publication delineates current and prospective CCUS capacities, with a granular breakdown by technology, country, and policy developments, as well as a forecast for 2030. It also provides pivotal knowledge on the leading CCUS projects and storage sites anticipated to emerge by the decade's end. In addition, the report supplies valuable data on deal activity, hiring trends, and corporate filings within the oil and gas sectors as it relates to CCUS.
Comprehensive Market Understanding for Stakeholders
This essential research equips stakeholders with critical insights to navigate the challenges and capitalize on the emerging opportunities within the CCUS landscape. It offers an overarching view of the key trends shaping the market, enabling companies and investors to identify key areas of growth, engage with leading technology initiatives, and understand the evolving dynamics of the oil and gas industry with respect to sustainable practices.
For those invested in the future of energy, environmental stewardship, and corporate responsibility, this report provides an indispensable roadmap to the evolving intersection of traditional energy sectors and innovative climate-change mitigation technologies.
Key Topics Covered:
- Emission reduction through CCUS
- The Oil and Gas CCUS strategy
- CCUS technology types
- The CCUS value chain and OG's focus areas
- The strategic value of CCUS in the face of industry challenges
- CCUS market outlook
- The CCUS project outlook
- Technological shift in the CCUS market
- Country ranking and key policy developments
- Oil and Gas CCUS capacity
- Current leaders in CCUS capacity
- Leaders in CCUS at the end of the decade
- Largest capture projects by 2030 capacity
- Largest storage projects by 2030 capacity
- CCUS market signals in oil and gas
- Deal activity
- Hiring trends
- Corporate filing trends
A selection of companies mentioned in this report includes
- Occidental Petroleum
- Exxon Mobil Corp
- Basin Electric Power Cooperative
- Canadian Natural Resources
- Chevron Corp
- Air Products and Chemicals Inc.
- QatarEnergy
- ENEOS Corporation
- Shell Plc
- Sinopec
- Equinor ASA
- Eni S.p.A
- Enhance Energy Inc.
- Summit Agricultural Group
- Santos Ltd.
- Drax Group Plc
- Enchant Energy Corp
- Prairie State Energy Campus LLC
- Bakken Energy LLC
- Mitsubishi Heavy Industries Ltd
- Oil and Natural Gas Corp
- Saudi Arabian Oil Co
- ConocoPhillips
- BP Plc.
For more information about this report visit https://www.researchandmarkets.com/r/8umfq5
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