BP QUITS CCS PROJECT

BP abandons plans to build carbon capture plant
May 23, 2007 (Reuters via Yahoo News)

WHO
BP, spokesman David Nicholas;
CCS: carbon capture and sequestration (click to enlarge)
WHAT
BP announced its decision to not pursue the construction of a carbon-capture-and-sequestration (CCS) plant in Scotland when the UK government postponed competition for a subsidy award from March to November. BP described the government’s decision as “understandable.”

WHEN
- Decision May 23.
- BP has been exploring the project for 18 months

WHERE
The CCS project halted was in Scotland.

WHY
- CCS technology, still unproven but much talked about as a solution to greenhouse gas (GHG) emissions, captures the CO2 emitted by generating electricity through the burning of fossil fuel and stores it. If proven to be widely practical, it might alleviate the harm done by coal and natural gas electricity generation in big economies like the US, China and India.
- BP expended $50 million (25 million pounds) on preparations by 70 staff members over 18 months. The plan was to burn British and Norwegian North Sea natural gas and pump the CO2 back into North Sea oil wells to pump out more oil.
Stop is what BP decided to do
QUOTES
Nicholas: "That's an extension too far…Of course we're disappointed, it was a good opportunity but just one we couldn't bring to pass…We appreciate the breadth of issues the government has to face, it's difficult to put a time frame on it. We'll continue to work with the government and may even participate on someone else's project."