CARBON CAPTURE AND STORAGE MARKET ANALYSIS

Key Developments

• In July 2023, Fluor Corporation Fluor Corporation is a global engineering, procurement, fabrication, construction, and maintenance company announced a new agreement where it obtained a license to deploy its advanced carbon capture technology, Econamine FG PlusSM, at Federated Co-operatives Limited's (FCL) Co-op Renewable Diesel Complex in Saskatchewan, Canada. This partnership fits into FCL's broader energy plans, including a significant investment strategy of USD 2 billion focusing on developing an integrated agricultural complex. The target for this project to be operational is set for 2027.
• In January 2023, ADNOC Group The Abu Dhabi National Oil Company (ADNOC) Group is a state-owned oil and gas company based in Abu Dhabi initiated an unprecedented project, launching the world's first fully Sequestered CO2 Injection Project. This involves implementing a CO2 injection well where all the injected CO2 will be carefully captured and stored within Abu Dhabi's saline aquifer. This project is a crucial part of ADNOC's long-term strategy of reducing its carbon footprint, aiming to cut its carbon intensity by 25% by 2030 and achieve Net Zero status by 2050.
• In January 2023, Equinor is a Norwegian multinational energy company headquartered in Stavanger entered into a significant contract with Linde is a multinational industrial gases and engineering company for the H2H Saltend project, a 600-megawatt low-carbon hydrogen production facility with carbon capture technology.
• In June 2023, ExxonMobil signed an agreement with Nucor Corporation, a major steel manufacturer in North America, as part of their commitment to help industrial clients reduce emissions. This marks the third carbon capture agreement in seven months, following partnerships with Linde and CF Industries. These collaborations demonstrate ExxonMobil's dedication to driving positive environmental impact across various industries.