By: Franyi Sarmiento, Ph.D., Inspenet, July 1, 2022
ExxonMobil, Shell, CNOOC and the Guangdong Provincial Development and Reform Commission signed a memorandum of understanding (MoU) on June 27 for the evaluation of a global-scale carbon capture, use and storage project in China, the companies reported this week.
The agreement allows global energy majors and China’s state-owned giants to leverage their international expertise and technology, helping the country meet its 2060 carbon neutrality target, analysts said.
The project could capture up to 10 million tons per year of carbon dioxide from one of China’s largest industrial areas in the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong province, CNOOC and ExxonMobil said in their reports.
This would be China’s first CCUS (Carbon Capture, Use and Storage) project to reach the capacity scale of 10 million mt/year, which would also be the first offshore CCUS project with a capacity of more than 3 million mt/year, CNOOC said.
Currently, China’s largest CCUS project is Sinopec’s 1 million mt/year Qilu Petrochemical-Shengli Oilfield project in Shandong province, which was delivered in January 2022, S&P Global Commodity Insights previously reported.
“The joint project studies help explore feasible paths for the petrochemical and refining industry to meet net-zero emissions and sustain the development of the sector,” said CNOOC President Wang Dongjin.
In addition, the Dayawan project would become one of the first petrochemical demonstration projects to decarbonize, ExxonMobil added.
The project is likely to be a continuation of three giant petrochemical and refining facilities in the industrial park.
This material from the GNLGlobal portal was edited for clarity, style and length.
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