Wood says it has worked on more than half of world’s CCS projects
SUMMARY
Wood said its top five clients have committed to investing over $100bn in decarbonising their assets.
By Shardul SharmaPOSTED IN:
Wood on March 27 said it has completed carbon capture and transportation studies for more than half of the 300 carbon-capture facilities being planned worldwide.
Daniel Carter, Wood’s president of decarbonisation, said that the technology to capture carbon emissions is critical to energy transition and achieving net zero. Wood's top five clients have committed to invest over $100bn in decarbonising their assets, which presents a significant opportunity for the company, he said.
“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,” he added.
Wood said its experts are advising and engineering the design and digitalisation of more than 175 carbon capture projects.
“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,” Carter said.
