General Electric (NYSE: GE) and oilfield technology company Schlumberger (NYSE: SLB) announced an alliance to develop carbon capture and sequestration (CCS). The two companies hope to combine GE Energy’s "cleaner coal" technology with Schlumberger Carbon Services’ geologic expertise to create a commercially viable solution for capturing greenhouse gases produced from coal-fired power plants and storing it deep underground.
The companies gave no details about pilot projects, but GE intends to use its integrated gasification combined-cycle (IGCC) systems for the carbon capture process.
GE Energy’s IGCC gasification process converts coal and other heavy fuels into a fuel known as synthesis gas or syngas. The syngas is cleaned of CO2 before being burned in combined-cycle systems to generate electricity.
"GE can design and supply an IGCC plant with carbon capture today, or as a retrofit. Under this new arrangement, our two companies will align the technical needs of capture and storage for high operability and work in concert to offer customers a cost effective solution that will provide a complete answer for IGCC with CCS that can be readily implemented under the proper regulatory framework," John Lavelle, President of GE Energy’s Gasification business, said.
Founded in 1926, Schlumberger is one of the world’s leading suppliers of oilfield technology, employing more than 80,000 worldwide and generating revenues of $23.28 billion in 2007.
Schlumberger Carbon Services analyzes geological storage solutions for carbon dioxide (CO2).
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