Posted on 07/17/2023 4:06:33 PM PDT by Right Wing Vegan
ExxonMobil Corp. announced last week that it has entered into a definitive agreement to acquire Denbury Inc. in an all-stock transaction valued at $4.9 billion.
The acquisition will make ExxonMobil the largest owner and operator of carbon dioxide, or CO2, pipelines in the U.S. at 1,300 miles, with almost 925 miles of that network concentrated in Louisiana, Texas and Mississippi.
Denbury recently announced its plans to develop an 8,500-acre CO2 sequestration site about 50 miles northeast of Baton Rouge, as reported in Daily Report. Named Virgo, the site will have an estimated storage capacity of at least 100 million metric tons of CO2 and be ready to accept its first injection as early as 2026. The company also has sequestration projects planned near Donaldsonville and New Orleans.
Once Denbury’s Gulf Coast-based carbon capture, sequestration and storage assets are fully developed, the combined assets of both companies will have the potential to reduce the region’s emissions by 100 million metric tons per year, according to Dan Ammann, president of ExxonMobil Low Carbon Solutions.
In addition to its carbon capture and storage assets, ExxonMobil will also acquire Denbury’s oil and natural gas operations in the Gulf Coast and Rocky Mountain regions, which have proven reserves totaling over 200 million barrels of oil equivalent and a daily production capacity of 47,000 oil-equivalent barrels per day.
The boards of both companies have unanimously approved the deal, which is also subject to approval by Denbury shareholders. The transaction is expected to close in the fourth quarter. Read the full announcement.
This, to assure the subsidies which flow from government will flow to them, because "green." The taxpayers and tomorrow's indebted children are again ready to be further harvested by drilling deep into them.
This is what fascism is and does.
Cha friggin’ ching yeah! If we’re THAT Stoopid...... I knew I should have gotten some stock. 😬👍
The Greenies complain about oil drilling waste pumped in to wells now.
Howling before they find some reason to complain about CO2 pumped in to wells?
Earth Quakes are caused by carbon sequestration!!!
Stop the Carbon Injection!!!
Are they removing CO2 or creating CO2 and what for?
CO2 is used to pump into the ground to increase the recovery of oil.
It’s also used to make carbonated beverages.
CO2 is a byproduct of oil well production and it’s also a byproduct of the oil refining process.
The faux economy.
They pump into old oil fields for enchanted recovery. Not sure where since they don’t have any fields around there (Mississippi). Too old and small.
Maybe you could introduce some desperately ravenous kudzu into the equation.
What a total fraud.
Carbon sequestration is one scam on top of another. The pipeline seeking approval in the five State area of the Midwest to include MN, SD, ND, NE, and Iowa, gathers CO2 from the ethanol plants in those States and pipes it to ND for underground sequestration. All part of the green scam and made possible by ultra generous application of your tax dollars and mine in the form of “subsidies”. Look up 45Q the IRS document that makes it all possible not to mention the liberal use of eminent domain to acquire the land. One thousand court filings in Iowa so far and over a hundred in South Dakota.
https://cen.acs.org/environment/greenhouse-gases/45Q-tax-credit-s-luring/98/i8
That’s different from enhanced oil recovery.
Pumping CO2 under the New Orleans area ought to yield quite a quantity of carbonic acid due to the water in the area. Does not sound wise to me.
Just remember that these sites are sequestering carbon AND OXYGEN.
Pump it under the Louisiana lakes and hope it doesn’t explode.
Odd that companies want to sequester CO2 when there a dry ice and industrial CO2 shortage.
Anything wrong with large greenhouses?
Hydrogen fuel stocks still on the up tick.
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