Royal Dutch Shell Seeks Funding For Carbon Capture Project
By: MICHEAL KAUFMAN: Jun 29, 2015
Global warming concerns have been receiving more and more media attention, as major oil companies also plan to address the issue, considering its potentially adverse effect on the environment.
Goldeneye, an abandoned offshore natural gas production platform that is connected to the Scottish coast via a 100 kilometer long pipeline, could soon be used to deposit carbon dioxide well below the Earth’s surface. Once operated by Royal Dutch Shell plc (ADR) (NYSE:RDS.A), the project could become the world’s first carbon capture and storage (CCS) project that uses a power station, fuelled by natural gas. The European energy major is looking to the UK government to release one billion GBP in funds for the company to develop the project, the Financial Times has reported.
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