Rex on CCS

Introduction

 This weeks guest blogger is Rex Tillerson, Donald Trump's selection for secretary of state and CEO of ExxonMobil, the worlds biggest oil company.

Rex on CCS

 I have, unlike my predecessors at ExxonMobil, gone on record time and again and openly said that I believe in anthropogenic climate change. However, to quote Hillary, I of course have both a public and private position...

 I am a realist and recognise that ExxonMobil will not see the middle of the century unless it evolves. I have advocated a carbon tax (a tax on emitted CO2; see this ExxonMobil blog) and under my leadership ExxonMobil is positioning itself as a world leader in carbon capture and storage.

See the youtube video below to see me discussing my views on climate change.

See the youtube video below to see me discussing my views on carbon taxes.

 As you can see in the video above, I believe in the implementation of a carbon tax - for it does not inhibit economic growth and can be implemented across borders. Off the back of the introduction of a carbon tax, CCS would likely grow exponentially. Here is why I support a carbon tax and CCS:

• A double pronged carbon tax/CCS approach extends our corporation's operating lifetime. Without a tax on carbon, CCS isn't economically viable; without CCS, our corporation will eventually be left behind.
• Cai et al., (2014) modelled the effect of carbon taxation upon CCS deployment. The study found that CCS was not economically viable alongside a carbon tax - unless the captured CO2 was used to implement enhanced oil recovery (EOR).
• How wonderful for us! Not only do we reap the image benefits as being seen as a green, environmentally conscious corporation, we also extend the lifetime of our precious resource! 
• This review paper by Muggeride et al., (2013) outlines the growing need for widespread deployment of EOR methods. It explains why, without EOR, mean global oil yields are 20-40%. Where EOR methods are employed, this can rise as high as 85%!

Conclusion

 As CEO of ExxonMobil I believe in the implementation of a carbon tax that would drive CCS development. As I see it, CCS is vital to our corporation for two key reasons. 

 Firstly, it portrays an environmentally conscious corporate image - something that we have tried, and failed, to build. Secondly, it extends the operational lifetime of our corporation. Without CCS we are the dodo, we are the mammoth. In the absence of evolution, extinction will befall us. The fossil fuel industry has to change - CCS is that change. And what is more, a useful byproduct compliments CCS  - a cheap source of CO2 to use for EOR. 

 Oh those sweet juicy profits!