Singapore is aiming to establish a testbed for carbon capture technology on Jurong Island, which is dominated by a large oil refinery hub. There are more than 100 companies based on the island, including Shell, ExxonMobile, BP, DuPont, Chevron, Singapore Petroleum Company, and Singapore Refining Company. Jurong allows Singapore to rank among the top oil-refining powers despite having no crude oil deposits of its own.
Both Shell and ExxonMobile have expressed interest in building carbon capture facilities in the region; Shell revealed this week that it is exploring the possibility of a carbon capture and storage hub in Singapore.
Carbon capture has not yet been deployed on a large scale and remains economically unfeasible. However, the International Energy Agency acknowledges that carbon capture and storage will need to be accelerated to become a “key pillar” of carbonisation, given the scale of the challenge.
According to the Economic Development Board...