Exxon Mobil Corp on Wednesday bid for offshore blocks to store carbon dioxide underground during a government oil and gas lease sale in the U.S. Gulf of Mexico, while rivals Chevron Corp and BP Plc targeted areas for production.
The largest U.S. oil company has been selling oil production blocks in the U.S. Gulf since 2018 as it shifts to more lucrative fields elsewhere. And yet, it bought dozens of blocks in the past couple of years in the same basin with a new purpose: burying carbon dioxide instead of pumping oil.in high bids, according to the Bureau of Ocean Energy Management.in 75 high bids - more than all the other oil majors combined, according to energy consultants Wood Mackenzie.
A Chevron spokesperson said the No. 2 U.S. oil company was pleased with the auction results and intends to further evaluate the blocks' potential. BP offered $47 million for 37 blocks. The company said it wants to expand its deepwater oil and gas production in the U.S. Gulf, which has "some of the lowest-cost and lowest-emissions barrels" in the company's portfolio.for all 69 blocks where it was high bidder. The land was just off the Texas coast adjacent to areas it previously acquired, the BOEM indicated.
The company will work with the Department of Interior on plans for the blocks once they are awarded, Exxon spokesperson Todd Spitler said, declining to comment on commercial details. Exxon choose shallow water areas close to the largest U.S. refining and petrochemical complex. The blocks fit with the company's plan to develop a carbon capture and storage business close to the Houston Ship Channel, home to dozens of oil and chemical plants, says Justin Rostant, principal research analyst at Wood Mackenzie.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
US to auction Gulf of Mexico oil under climate compromiseThe Biden administration is auctioning oil and gas leases across more than 114,000 square miles in the Gulf of Mexico in a sale mandated by last year's climate bill
Baca lebih lajut »
US to auction Gulf of Mexico oil under climate compromiseThe online auction — expected to draw interest from major oil companies such as ExxonMobil and Chevron — is the first in more than a year.
Baca lebih lajut »
US to auction Gulf of Mexico oil under climate compromiseThey could produce more than 1 billion barrels of oil over 50 years, but burning that oil would increase planet-warming carbon dioxide emissions by tens of millions of tons, the analysis found.
Baca lebih lajut »
US auctions Gulf of Mexico oil under climate bill compromiseWednesday’s auction of Gulf of Mexico oil leases could further test the loyalty of environmentalists and young Biden voters frustrated by the approval of the Willow drilling project in Alaska.
Baca lebih lajut »
U.S. auctions off Arizona-sized stretch of the Gulf of Mexico for oil and gas drillingThe Biden administration auctioned off a massive stretch of the Gulf of Mexico to oil and gas drilling on Wednesday, marking the second time in as many weeks the federal government has facilitated major fossil-fuel development on public lands.
Baca lebih lajut »
‘We Finally Beat Big Oil': Gov. Newsom Signs Law Penalizing Oil Companies for Price GougingNewsom signed a new law that gives state regulators the power to penalize oil companies for making too much money, the first of its kind in the country. It’s the type of legislation the oil industry might have crushed in the past. But on Monday, the bill cleared the state Assembly with only one Democrat voting against it.
Baca lebih lajut »