ExxonMobil has announced new plans to release carbon emissions on barrels

ExxonMobil has developed targets to reduce the amount of carbon dioxide emitted by each oil-pumping tank, and use it in all companies but to prevent the decline in oil prices that are accepted by European competitors.

The powerful US supermajor stated that its goal was to reduce the company’s gas-fired greenhouse gas by 20-30 percent by 2030. Exxon’s goal was to reduce energy by 15-20 percent by 2025 due to “offshore”, or oil and gas production. , a business, which he said was possible this year.

Updates as well as capital expenditure plans released Wednesday are the first of its kind since Exxon lost seats in a proxy war with activist hedge fund Engine No 1, which stated that the company was not prepared for the future of carbon offsets.

Carbon emissions are a measure of the amount of air emitted from each stage of production. Proponents of her case have been working to make the actual transcript of this statement available online Exxon using this level, instead of producing enough air, because it allows enough air to rise as the remaining oil rises. However, Exxon said its revised plans have seen the “company” emissions drop by 20 percent by 2030.

Exxon’s new goals are a few that come from its activities, not from the fuel-burning consumers they sell. Exxon’s European counterparts BP is Royal Dutch Shell will reduce oil and gas emissions over time to achieve goals that include oil combustion.

Exxon from Texas wants to spend $ 15bn more on new air-conditioning tests by 2027, or about $ 2.5bn a year. The total budget for the company is between $ 20bn and $ 25bn per year by the end of 2027, from $ 16bn in the budget affected by this year’s epidemic.

Chevron, a major US Exxon competitor, said in September that way costs $ 10bn on the low carbon economy until the end of 2028. Both companies have promised a much lower share of total revenue to use clean energy than their European counterparts.

Investments in Exxon are still very low $ 35 billion using the annual budget that the company prepared for the epidemic would lower its global oil demand. Engine No 1 also said in its pilot campaign earlier this year that managers are overspending, putting Exxon’s valuable profits at risk.

The oil supermajor is pleased with a the amount of profit this year thank you so much for the increase in oil and gas prices. Darren Woods, chief executive of Exxon, said the company’s “significant financial improvement” had contributed to significant investment in “high-paying jobs, as well as a wide range of lucrative business opportunities”.

Much of what Exxon will use in the future will focus on new jobs in Guyana, where the company has acquired more oil reserves along the coast of South America, as well as along the Permian coast in Texas and New Mexico, major US oil fields. .

The company says the plans will allow it to double by 2027 compared to $ 14.3bn in 2019.

$ 15 billion in greenhouse gas emissions will be split among efforts to reduce emissions from the company’s operations, particularly by reducing methane emissions and combustion of gases, as well as the capture and storage of fresh air, or CCS, hydrogen and biofuel project.

The company has outlined a number of potential applications for carbon and biofuel this year, such as building a $ 100bn CCS mega-hub in Houston, but many of these projects will require significant support or the cost of carbon to build.