Bloomberg: Shell Joins IEA’s Carbon Capture Research Project in Canada
By Eduard Gismatullin
May 15 (Bloomberg) — Royal Dutch Shell Plc, Europe’s largest oil company, joined the International Energy Agency’s carbon capture and storage research project in Canada.
Shell agreed to co-sponsor the research along with Chevron Corp, OMV AG, Saudi Arabian Oil Co., Apache Corp. and EnCana Corp., The Hague-based company said today in an e-mailed statement. The $80 million IEA Greenhouse Gas Weyburn-Midale CO2 is one of the world’s three largest in-field carbon storage research projects.
The “international study is investigating long-term geological storage of man-made carbon dioxide — used around the world to increase oil production — in mature oil reservoirs,” Shell said.
Shell, Exxon Mobil Corp. and the rest of the oil industry may face higher costs to exploit Canada’s tar sands, the biggest deposit outside of Saudi Arabia, because of efforts to curb climate change. The accumulation of carbon because of burning fossil fuels is blamed for global warming.
Last Updated: May 15, 2008 05:11 EDT