Wood has worked on more than half of the world’s carbon capture & storage projects
Published by Todd Bush on March 27, 2023
Wood has completed carbon capture and transportation studies for more than half of the 300 carbon-capture facilities being planned worldwide1.
From the U.S. Gulf Coast of Louisiana and the oil sands of Canada to the Persian Gulf coast of Saudi Arabia, Wood’s experts are advising and engineering the design and digitalisation of more than 175 carbon capture projects.
Daniel Carter, Wood’s President of decarbonisation, explained: “The technology to capture carbon emissions is critical to energy transition and achieving net zero. Our top five clients have committed to invest over $100 billion in decarbonising their assets, which presents a significant opportunity for Wood.
“Our focus is on helping clients achieve their net zero goals through investments in decarbonisation projects with attractive returns. In the US, the Inflation Reduction Act (IRA) means US producers can receive $85 per ton of CO2 captured which exceeds the cost of CO2 capture. That’s why we’re seeing an increasing demand to design Carbon Capture & Storage hubs.
“Importantly, we need to digitalise assets before we can decarbonise. Existing technologies could cut three-quarters of methane emissions from oil and gas production at no net cost to operators. It starts with focusing on the simple stuff like the ability to actively identify and manage sources of greenhouse gas emissions in real time using digital tools, and harnessing data to identify the optimum pathway for an asset to achieve its carbon reduction goals.”
1 IEA Carbon Capture, Utilisation and Storage Tracking Report, September 2022: https://www.iea.org/fuels-and-technologies/carbon-capture-utilisation-and-storage
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