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TotalEnergies Takes a Texas-sized Plunge in LNG Project
Barrel Hub
July 13, 2023
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TotalEnergies and partners have greenlit the first phase of the Rio Grande liquefied natural gas project in South Texas, with TotalEnergies investing $1.1 billion for a 16.67% stake in the joint venture. The first phase, which costs $14.8 billion, includes three liquefaction trains with a total capacity of 17.5 million tons per year, and TotalEnergies will offtake 5.4 million metric tons per year for two decades.
ExxonMobil is set to acquire Denbury, gaining access to their carbon dioxide pipeline network in the industrial regions of Texas, Louisiana, and Mississippi, aiming to capitalize on major carbon sequestration projects in response to climate change. Although Denbury also produces oil and natural gas, ExxonMobil emphasizes that the primary value of the acquisition lies in the carbon storage expertise and pipeline infrastructure.
Reader Question of the Day
What is the role of oil in the production of plastics and other synthetic materials?
Oil plays a significant role in the production of plastics and many other synthetic materials, acting as the primary raw material in their manufacture. Here's how it works:
Creation of Monomers
Polymerization
Creating Other Synthetic Materials
In essence, oil serves as the chemical foundation for a wide range of synthetic materials that we use in our everyday lives, from packaging materials and automotive parts to clothing and construction materials. However, the environmental implications of such widespread use of oil-based products, particularly single-use plastics, have become a significant concern in recent years.
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