Carbon Capture and Storage/Sequestration (CCS) is seen as a potential major contributor in reducing greenhouse gas emissions from oil and gas production and from the power generation industry. Several R&D programs and demonstration projects over the last decades have moved understanding and acceptance of CCS forward. This session will address examples of the latest developments from the entire CCS value chain ? capture, transportation and storage/sequestration/utilisation.
From the Arctic cold of Northern Norway and the burning heat of the Sahara desert to the wide open prairie of the USA and Canada, carbon capture and storage (CCS) is already being put to use on an industrial scale. CCS is a climate mitigation tool with demonstrated effect that captures the greenhouse gas carbon dioxide (CO2) from large point sources and locks it away in deep geological reservoirs away from the atmosphere. If we need to achieve significant CO2 reductions in the coming decades - and I believe this to be the case - CCS should play a crucial part alongside energy efficiency, fuel switching (e.g. coal to natural gas) and renewable energy. Handling CO2 represents such an important challenge for the oil and gas industry as a whole, that most likely we will have no option but to fully implement and utilise all these tools in our efforts to successfully manage climate change mitigation..
Can we possibly move from our status quo towards a fullyfledged CCS industry over the next 10–30 years? There are no straight answers to that question, but in my opinion the one thing most needed is a sufficiently high and global cost of emitting CO2 to the atmosphere to support climate change mitigation. This may seem like an unexpected point of view coming from an international oil and gas company.
However, it is my belief that nothing is gained by the industry ignoring the issues in our global society as a whole. Producing enough and affordable energy in order to raise the standard of living of billions of impoverished people in developing countries is one of those critical issues that needs to be addressed and resolved. Climate change is another - and very closely linked - challenge.