Chevron Is Following Leaders ExxonMobil and Occidental Petroleum to Capture This $5 Trillion Potential Opportunity
Carbon capture and storage (CCS) could become a vital solution to helping reduce carbon emissions. This means it has the potential to be a massive commercial opportunity.
ExxonMobil (NYSE: XOM) sees CCS growing into a $4 trillion global market by 2050, while Occidental Petroleum (NYSE: OXY) believes it could become a $3 trillion to $5 trillion global industry. That's leading those oil giants to invest heavily to capture this emerging and potentially very lucrative opportunity.
Fellow oil giant Chevron (NYSE: CVX) also wants to capture a slice of the global CCS market. It recently signed an agreement to evaluate a potential CCS solution for Japan. Here's a look at some of the projects these oil stocks have under development.
Source Fool.com