Exxon plans to increase carbon capture at Wyoming facility

The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. REUTERS/Lucas Jackson

Oct 21 (Reuters) - Exxon Mobil (XOM.N) said on Thursday it plans to expand carbon capture and storage (CCS) at its LaBarge, Wyoming facility and had started the process for engineering, procurement and construction contracts for the project.

The expanded project will capture up to 1 million metric tons of carbon dioxide annually, in addition to the 6-7 million metric tons already being captured at LaBarge.

The oil major added that a final decision on the proposed $400 million investment, the latest in multiple expansions of carbon capture at LaBarge, is expected in 2022 and operations could start as early as 2025.

Earlier this year, Exxon had created a division to commercialize its technology that helps reduce carbon emissions. The company had said it would invest $3 billion on lower emission solutions through 2025, by which time it plans to reduce the intensity of its oilfield greenhouse gas emissions by 15%-20% from 2016 levels.

Reporting by Sahil Shaw in Bengaluru; Editing by Vinay Dwivedi

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