At the turn of the century, Big Oil faced increasing pressure to respond to the climate crisis. One typical response was BP rebranding itself ‘Beyond Petroleum’. It created a bright yellow and green Helios logo based on a Greek sun god. But the company remained focused, as did the rest of the industry, on new ways to extract oil and gas. The industry’s decade became defined by ultra-deepwater drilling and fracking.
Meanwhile, U.S. oil giant Chevron had started to study how to capture and store the carbon dioxide (CO2) associated with the fossil gas in a giant Australian gas field called Gorgon. It would later be joined in the project by Exxon and Shell.
It had taken the oil industry 25 years to arrive at this point. Although the first Carbon, Capture and Storage (CCS) project had actually gone onstream in 1972, the first international CCS conference had only been held in the Netherlands in 1992. It was not until the late nineties that Australia became a key global advocate of the technology.[1] Not least because some of Australia’s recent big gas finds, Gorgon being one of them, contain a lot of CO2.
— source priceofoil.org | Andy Rowell, Lorne Stockman | Jun 17, 2021