Chevron Will Build Its Carbon Capture Program Gradually

(CTN News) – There has been increased interest in carbon capture utilization and storage (CCUS) as a way of offsetting environmental harms caused by global companies engaging in the clean energy transition.

In a recent interview with Yahoo Finance, Chevron Vice President for Carbon Capture, Utilization & Storage Chris Powers (CVX) discusses the company’s progress towards achieving its CCUS targets and where it is heading in the future.

According to Powers, CCUS implementation presents some challenges: “We are in the process of doing foundational projects that can provide the foundations to build a business that can grow and scale with time. Our goal here is to enable decarbonization for many of these industries, which are crucial to our everyday lives.

It has been an eye-opening experience for us at Gorgon and I think it has actually made us more optimistic about the future than it has ever been. Each reservoir is a bit different.

If you would like to learn more about market action and expert insights, you can watch the full episode of Yahoo Finance Live by clicking here.

Transcript of video

As we’re talking about one of the biggest topics of the day here, energy transition, I’d like to introduce Julie Hyman, who is at the CERAWeek by S&P Global conference in Houston, Texas.

Carbon capture is one of the most important elements of that process for the energy industry.

The next guest we have on our show is squarely within that area of expertise. Chris Powers is the person I am talking about. Currently, he is working in Chevron’s Carbon Capture, Utilization and Storage division as the vice president. Thank you so much, Chris, for taking the time out of your busy schedule to be here today.

Many people aren’t necessarily familiar with what we call CCUS, which is the acronym for what we just talked about, and many people aren’t necessarily aware of what we call it.

As a result, when we talk about carbon capture, we are actually talking about taking carbon dioxide out of the atmosphere or from the processes that make refined products or from how we get oil and gas from the ground and storing it as a result.

It is buried in the ground and you bury it there. The idea is to capture it in a way that doesn’t add to the atmosphere in any way after it is captured. What do you think about that? Is that correct? What is the exact process–

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