<
https://reneweconomy.com.au/expensive-failure-flagship-gorgon-ccs-collects-less-co2-in-worst-year/>
"The Gorgon carbon capture and storage (CCS) project is performing worse than
ever and it’s costing owner Chevron a fortune to manage.
The Gorgon gas field off the coast of Western Australia was approved on
condition the CCS project could and would capture 80 per cent of the CO₂
emitted, or 4 million tonnes a year.
What it actually achieved in fiscal 2024 was just 1.6 million tonnes of CO₂
equivalent.
That figure is just 30 per cent of what it’s supposed to collect and the lowest
performance since it started in 2019, according to an IEEFA analysis of
Chevron’s latest environmental report for the CCS operation.
The analysis shows the project is becoming an expensive boondoggle, costing the
oil major almost $1 billion more in 2023 than it did in FY2019-20 to offset the
difference and pay for technical problems.
But with the oil major posting a $14.4 billion profit in the first nine months
of 2024, the extra fees incurred from its failing CCS project may simply be the
cost of doing business.
The cost of underperformance – the requirement to buy carbon offsets – and
problems with the reservoir the CO₂ is supposed to be injected into, rose from
$2.5 billion in FY2019-20 to $3.2 billion in 2023.
And that means the cost per ton of CO₂ captured is now on average $200,
compared to the $70 originally estimated – not including some 10 million carbon
offsets required to deal with the shortfalls."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
