Exxon Mobil (NYSE:XOM) foresees a $4T market by 2050 for capturing carbon dioxide and storing it underground - compared to a $6.5T market projected for oil and gas by then - the company said in a presentation on Tuesday.
Big oil firms have been investing to make carbon capture and storage a relevant business as international bodies such as Intergovernmental Panel on Climate Change point to the technology as key to mitigate the effects of global warming.
Occidental Petroleum (OXY) is developing the world's largest project to extract CO2 from the air, and CEO Vicki Hollub has said CCS technology could generate as much in earnings and cash flow for the company as oil and gas today.
Exxon (XOM) recently unveiled plans to produce 1B cf/day of blue hydrogen at its Baytown, Texas, integrated refining and petrochemical site, in a move to slash its carbon emissions by up to 30%.