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Global energy majors Exxon Mobil and Shell will work with Singapore to develop a cross-border carbon capture and storage (CCS) project, both companies said.
The Singapore-based units of the two companies, ExxonMobil Asia Pacific and Shell Singapore, have formed the S-Hub consortium to work with the Singapore government as lead developers for the CCS project to reduce the country's carbon dioxide (CO2) emissions.
"S-Hub and the Singapore Economic Development Board (EDB) signed a memorandum of understanding in December 2023 to coordinate the planning and development of a CCS project, capable of capturing and permanently storing at least 2.5 million tons of CO2 a year, by 2030," they said in a joint statement.
The project will store CO2 emissions from Singapore deep underground or under the seabed. The storage sites will be selected after undergoing analysis to ensure suitability, it added. -Reuters