Exxon Mobil signs deal for carbon capture and storage (CCS) project in Scotland

Exxon Mobil business

Exxon Mobil, the U.S. oil and gas producer, has signed a memorandum of understanding to participate in a carbon capture and storage (CCS) project in Scotland.

The Acorn CCS project plans to capture and store approximately 5-6 million tonnes of carbon dioxide a year by 2030 from gas terminals at the St Fergus complex at Peterhead, which includes ExxonMobil’s joint venture gas terminal.

Exxon Mobil said it aims to store more than 20 million tonnes of carbon emissions a year by the mid-2030s.

“ExxonMobil has more than 30 years’ experience in CCS technology and is advancing plans for multiple new CCS opportunities around the world,” said Joe Blommaert, president of low carbon solutions at ExxonMobil.

The Acorn project is being led by a subsidiary of Storegga Geotechnologies, Pale Blue Dot Energy, with support from Macquarie Group with a 21.5 percent shareholding and Singapore sovereign wealth fund GIC with a 15.4 percent shareholding.

Exxon, which posted a loss of $22.4 billion last year, is under pressure from shareholder groups to shift to cleaner fuels.