Carbon capture and storage (CCS) is a method for reducing emissions by stopping large amounts of carbon dioxide from being released into the atmosphere. Aside from this, the technology involves the transport, collection, and injection of carbon dioxide. This limits the amount of carbon dioxide that escapes into the atmosphere. Three technologies are involved in the method, including capture, transport, and storage. Carbon storage companies are responsible for carrying out these activities.
During the capture process, carbon dioxide is separated from various gases. CO2 is transported through pipelines to a suitable site for its storage as part of the transportation process. CO2 is injected into a deep well, a rock formation, and a depleted reservoir during the storage process. This is effectively done by carbon storage companies across globe.
In most cases, CO2 is emitted from large point sources, such as cement factories and biomass power plants, and is generally stored undercover in geological formations. Products can be made from CO2 if it is commodified. CCSU is a general term for this process. In order to increase oil and gas extraction, CO2 is injected into oil and gas reservoirs in a process known as enhanced oil recovery (EOR). Many of these applications, such as power, are in the pre-commercial stages, while several others, such as iron, steel, and cement, are in the pilot stages. Many companies are joining the bandwagon.
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Deployment of carbon capture and storage projects is associated with some important concerns. These include the high initial cost and complexity of the method. Carbon materials are still at an early stage of development and require a combination of highly sophisticated technologies. Carbon storage companies are focusing on developing new and more efficient carbon capture technologies and processes.
This is being supported by many local as well as international governing bodies to reduce the carbon footprint. Huge influx of cash can be observed across continents for taking control of climate change activities. Many companies have joined hands with governments to achieve the set goals of reducing carbon emissions.
Top 7 carbon storage companies storing megatons of carbon
According to the research conducted by Verified Market Research analysts, this market was valued at USD 3.91 billion in 2021. As the awareness towards nature is growing rapidly, this market will reach valuation of USD 7.74 billion by 2030. Read Global Carbon Storage Companies’ Market Report, this market will keep jumping with a CAGR of 3.33% from 2022 to 2030.
Halliburton
Almost all hydraulic fracturing operations are conducted by Halliburton, an American multinational corporation. The company is one of the big names in this industry. The company manages its operations in more than 70 countries around the globe.
Shell
Shell is a British publicly traded multinational oil and gas company based in Shell Centre in the United Kingdom. It has become the face of carbon storage companies’ market because of its dense network and futuristic vision. The company laid its foundation in 1907.
Schlumberger
Schlumberger is an oilfield services company. Schlumberger manages its operations in more than 120 countries around the globe. Schlumberger is known for its offshore drilling services. The company was founded in 1926 and its headquarters are based in the United States.
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Equinor
Equinor is a Norwegian state-owned multinational energy company. It is mainly a petroleum company, managing its operations in 36 countries around the globe. The company laid its foundation in 1972. With best-in-class technology under its belt, Equinor aims to drastically reduce the carbon footprint of its clients.
Aker Solutions
As an engineering company based in Norway, Aker Solutions provides products, systems, and services. It has been helping unlock energy from sources such as oil, gas, offshore wind, and CO2 capture. The company, founded in 1841.
Chevron
Chevron is an American multinational energy corporation. One of the successor companies of Standard Oil, it is headquartered in the United States. The company has an excellent global network and it manages its operations in over 180 countries around the globe.
NRG Energy
The NRG Energy company is an American energy company. Xcel Energy was formerly the wholesale arm of Northern States Power Company, before becoming independent in 2000. NRG Energy focuses on electricity generation and retail. Now, it aims to expand its portfolio for serving clients with all-in-1 package.
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