October 23, 2025

Carbon Capture and Storage (CCS) has become a central component of decarbonization strategies in the natural gas industry. Incorrys review of more CCS facilities related to natural gas production and processing — ranging from early projects such as Occidental’s Terrell plant (1972) to mega-scale facilities like Saudi Aramco’s Jubail Hub (scheduled for 2027). Overall CCS project economics should be analyzed based on multiple factors, including capital expenditures (CAPEX), operating cost, economic benefits such as Enhanced Oil Recovery (EOR), and government incentives. This analysis includes assessment of CAPEX only, which can be served as an input to economic evaluation of CCS project. The analysis was performed based on following assumptions:

• Reported costs are expressed as CAPEX benchmarked in US$/ton of CO₂ capacity, excluding operating expenditures (OPEX).
• “Inflation-adjusted” figures are approximated using available CAPEX data escalated into 2025-equivalent USD values.
• The analysis was performed based on publicly available data; if data was not available to match CAPEX with CO₂ capture capacity, the project was not included.
• Capture capacity utilizes design nameplate capacity is measured in million tons per annum (MtCO₂/y)

Figure 1 shows inflation adjusted capital cost per ton of CO₂ captured in 2025 USD, showing both operating and under construction projects, and sorted from highest to lowest CAPEX per tonne.

Figure 1: CCS Worldwide Cost

1970s–1990s:

• Occidental Terrell (1972, United States) operates at $309/ton, with CAPEX $154.7 million.
• ExxonMobil Shute Creek (1986, United States) is much lower at $91/ton, CAPEX is $634.5 million.
• Sleipner (1996, Norway) stands at $193/ton, CAPEX is $193.

2000s–2010s:

• Equinor Snohvit (2008, Norway) is costly at $419/ton, CAPEX is $293 million.
• The Century Plant (2010, United States) posts $328/ton, CAPEX is $1.64 billion.
• Chevron Gorgon (2019, Australia) is the global outlier: $643/ton, with CAPEX 2.57 billion, making it the largest and most expensive project in both dimensions.

2020s smaller-scale projects:

• Entropy Glacier (2022, Canada) achieves $162/ton, CAPEX is $51.9 million.
• Barnett Zero (2023, United States) shows $184/ton, CAPEX is $34.1 million.
• Santos Moomba (2024, Australia) is highly competitive at $136/ton, CAPEX is $231 million.
• Cotton Cove (2024, United States) is smaller in scale but cost-intensive at $444/ton with CAPEX is $20 million.

Future megaprojects:

• ADNOC Habshan (2025, United Arab Emirates) sits at $410/ton, with CAPEX at $615 million.
• Petronas Kasawari (2025, Malaysia) reports $342/ton, with CAPEX at $1.13 billion.
• Saudi Aramco Jubail Hub (2027, Saudi Arabia) achieves a competitive $167/ton, yet its CAPEX remains very high at $1.5 billion.

Conclusions
The analysis shows that average CAPEX per ton of CO₂ does not significantly change overtime: average CAPEX dropped to around $290/ton for projects completed or expected to be completed after 2020 down from $330/ton before 2020. However, it does not include potential cost escalation of projects under construction. Also, average CAPEX per ton of CO₂ remains compatible for all three different technologies used to store CO₂. Average CAPEX for CCS in deep saline formation is $320/ton, while CCS for EOR and depleted fields are $270/ton.

References:
“Global Status Report – Global CCS Institute.” Global CCS Institute, 2024, https://www.globalccsinstitute.com/resources/global-status-report/

“Val Verde Fact Sheet: Commercial EOR using Anthropogenic Carbon Dioxide.”, Carbon Capture & Sequestration Technologies at MIT, https://sequestration.mit.edu/tools/projects/val_verde.html . Accessed 02 September 2025

“Shute Creek Gas Processing Facility Details.”, The University, https://www.geos.ed.ac.uk/sccs/project-info/48 .Accessed 01 September 2025.

“Norway’s Sleipner and Snøhvit CCS: Industry models or cautionary tales?”, Institute for Energy Economics and Financial Analysis, June 2023 https://ieefa.org/sites/default/files/2023-07/2023-06-13%20Norway%20Sleipner%20%2B%20Snohvit%20CCS%20Webinar_Grant%20Hauber.pdf

“Century Plant Fact Sheet: Commercial EOR using Anthropogenic Carbon Dioxide.”, Carbon Capture & Sequestration Technologies at MIT, https://sequestration.mit.edu/tools/projects/century_plant.html . Accessed 01 September 2025.

“Gorgon Fact Sheet: Carbon Dioxide Capture and Storage Project.”, Carbon Capture & Sequestration Technologies at MIT, https://sequestration.mit.edu/tools/projects/gorgon.html . Accessed 01 September 2025.
“Onstream, commercial CCS at Glacier natural gas plant.”, Entropy, https://www.entropyinc.com/glacier . Accessed 01 September 2025.

Stankova, Theodora. “Banpu Announces Final Investment Decision On Two U.S.-Based CCUS Projects.”, Carbon Herald, August 2023, https://carbonherald.com/banpu-announces-final-investment-decision-on-two-u-s-based-ccus-projects/

“Banpu Pioneers with CCUS as First Thai Company to Reach Final Investment Decision in U.S. Adding Third Project, Paving the Way to Net Zero Carbon Emissions.”, Banpu, August 2023, https://www.banpu.com/wp-content/uploads/2023/08/EN-Press-Release_Banpu-Pioneers-with-CCUS-as-First-Thai-Company-to-Reach-FID-in-U.S.pdf

“Santos secures Moomba carbon capture and storage finance to drive decarbonization.”, Santos, February 2024, https://www.santos.com/news/santos-secures-moomba-carbon-capture-and-storage-finance-to-drive-decarbonisation/

“ADNOC Gas Awards $615m Contract for One of MENA’s Largest Integrated Carbon Capture Projects.”, Adnoc, October 2023, https://adnocgas.ae/en/news-and-media/press-releases/2023/adnoc-gas-awards-contract-for-one-of-menas-largest-integrated-cc-projects

“Petronas targets 80m tons CCS capacity as Malaysia eyes role as regional hub.”, The Malaysian Reserve, June 2025, https://themalaysianreserve.com/2025/06/17/petronas-targets-80m-tons-ccs-capacity-as-malaysia-eyes-role-as-regional-hub/

“Aramco and TotalEnergies to build $11bn facility in KSA.”, Energy Digital, December 2022, https://energydigital.com/articles/aramco-and-totalenergies-to-build-11bn-facility-in-ksa

George, Violet. “Saudi Aramco Awards Larsen & Toubro $1.5B Contract For CCS Project.”, Carbon Herald, February 2025, https://carbonherald.com/saudi-aramco-awards-larsen-toubro-1-5b-contract-for-ccs-project/

“PTTEP approves Thailand’s first CCS project with $320 million investment.”, Reccessary, September 2025, https://www.reccessary.com/en/news/pttep-approves-thailand-first-ccs-project