LNG is anticipated to remain cost competitive due to abundant natural gas resources and an increase in
aspiring exporters. As a result, cost competitive LNG supply relative to other gas sources should have an advantagin the marketplace.
The steady progress
of Natural Gas market reform in China has led to the continuous and rapid development of the Natural Gas market in the past decade. Significant progress has been made in the relaxation of price regulation, the establishment of Natural Gas trading
centers, the promotion of third-party access to Natural Gas infrastructure, and the establishment of PipeChina at the end of 2020.
This combination of
demand growth, supply abundance and greater accessibility means that natural gas is making an important contribution to enhancing energy security which is an important consideration in Chinas energy mix in the next decade.
The Carbon Neutral Vision for the Asian Natral Gas markets beyond 2035 China natural gas demand in the next decade is expected to grow. In the near term,
during the 14th five-year plan, switching to Natural Gas from coal or oil products would immediately reduce emissions. In the medium-term, through the continued development and deployment of low-cost and
highly efficient Natural Gas technologies, natural gas also provides a reliable source of power to supplement renewable energy when wind or solar power is not available.
Progressively over the longer term, low-carbon technologiesincluding carbon capture, utilization, and storage
(CCUS) can provide an efficient and cost effective pathway to reduce GHG emissions. These technologies are particularly relevant for sectors where emissions are difficult or very costly to abate through other means. They can also capitalize on the
use of existing natural gas infrastructure to minimize capital investment.4
Aligned with such,
ExxonMobil has created a new business to commercialize its extensive low-carbon technology portfolio. The new business, ExxonMobil Low Carbon Solutions, will initially focus on carbon capture and storage, one
of the critical technologies that can help society to achieve the climate goals outlined in the Paris Agreement.
ExxonMobil has more than 30 years of
experience in CCS technology and was the first company to capture more than 120 million tonnes of CO2, which is equivalent to the emissions of more than 25 million cars for one year. ExxonMobil has an equity share in about one-fifth of global CO2 capture capacity and has captured approximately 40 percent of all the captured anthropogenic CO2 in the world.
With our demonstrated leadership in carbon capture and emissions reduction technologies, ExxonMobil is committed to meeting the demand for affordable energy
while reducing emissions and managing the risk of climate change.
To learn more about ExxonMobils low carbon solutions please visit
https://corporate.exxonmobil.com/News/Newsroom/News-
releases/2021/0201_ExxonMobil-Low-Carbon-Solutions-to-commercialize-emission-reduction-technology
2