Exxon Mobil Corporation, one of the world’s largest oil and gas companies has said it will transition into a greener business over the next decade.
The company currently produces, refines, and sells oil, gas, and petroleum products. It is also engaged in research and development in the oil and gas industry.
It finances research on methods to improve the efficiency of oil and gas production, as well as the creation of new technologies to reduce the negative impact of major industrial processes on the environment.
Daren Woods, Exxon Mobil Corporation, CEO, spoke at an investor meeting a few weeks about the goals of the company’s new strategy to transition its oil and gas production to a greener business.
Woods foresees that, in ten years, the company’s green business will surpass gas and oil production and sales in terms of revenues.
According to Exxon Mobil Corporation’s CEO, the plan to change the direction of the business includes three main areas – decarbonisation, carbon capture and storage, and hydrogen and biofuel production.
The company expects to generate high and stable revenues from decarbonisation through long-term contracts with large customers seeking to reduce their carbon footprint.
For carbon storage, CO₂ will be collected at industrial and energy facilities, and transported to a storage site where it is kept for long periods of time. Exxon Mobil Corporation estimates that the combined potential of projects related to this area, as well as hydrogen and biofuel production, could reach USD 6.5 trillion by 2050.
Also, the company which already produces about 1.3 million tonnes of hydrogen per year plans to build a dedicated plant in Beaumont, Texas, with a yearly production capacity of one million tonnes of hydrogen fuel. It is also exploring the possibility of producing clean hydrogen for an industrial complex in Rotterdam and is participating in cross-industry initiatives to develop low-carbon hydrogen.
