Oil and Gas Sector Strategies in Carbon Capture Utilization and Storage: Expected CAGR Growth of 38% from the Present to 2030
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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