ExxonMobil eyes huge CCS potential in Southeast Asia

ExxonMobil (NYSE:XOM), which set up a low-carbon solutions division in February, is focusing on building a carbon capture and storage (CCS) business in Asia. Significantly, ExxonMobil believes there is over 300 billion tonnes of storage capacity in Southeast Asia alone, Tracy Lothian, vice president marketing, finance & commercial development, low carbon solutions, at the US giant, said today.

Lothian, who is based in Singapore and was speaking on a panel discussion following the launch of the Global CCS Institute’s latest report, said that ExxonMobil was working with the Singapore energy centre and various universities to understand the potential storage capacity in the region.