Having last week faced a high-profile volley of criticism from descendants of the company's founder, oil tycoon John D Rockefeller, over its apparent refusal to discuss environmental issues, oil giant ExxonMobil yesterday announced plans to invest $100m (£50m) in a carbon-capture and storage-demonstration plant.
The company said it was investing the money to complete the development and testing of a natural gas treatment plant in Wyoming that could be used to "make carbon capture and storage more affordable and significantly reduce greenhouse gas emissions".
The technology, called Controlled Freeze Zone, aims to use a single-step cryogenic separation process that freezes and then melts the carbon dioxide, while also removing other components found in so-called sour gas such as hydrogen sulphide.
The carbon dioxide and other components will then be discharged as a high-pressure liquid stream, which can be injected into geological features for underground storage or alternatively pumped into oil fields to help bolster yields.
ExxonMobil claims that the approach represents a more cost-effective means of capturing carbon dioxide from natural gas than current techniques.
Mark Albers, senior vice president of Exxon Mobil, said the technology will assist in the development of additional gas resources, as well as "facilitate the application of carbon capture and storage, to reduce greenhouse gas emissions".
Construction of the Wyoming plant is expected to begin this summer with completion scheduled for late 2009. The plant is expected to process about 14 million cubic feet of gas per day.
The announcement comes just a week after the oil giant faced a stinging attack from a group of shareholders led by descendants of the company’s founder John D Rockefeller.
The group set out four shareholder resolutions calling for the appointment of an independent chairman; the introduction of a taskforce to study global warming; a reduction in Exxon's greenhouse gas emissions; and a clear renewable energy policy. It also vehemently criticised the company's current management, accusing it of refusing to discuss environmental issues with shareholders and failing to adapt to demand for low-carbon energy.
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