China National Offshore Oil Corporation Limited (CNOOC) completed its first carbon capture and storage (CCS) project after 10 months of preparation, according to a report from Chinese state media.
China Daily said the state-owned oil corporation’s project was designed to permanently store carbon dioxide in the seabed, contributing to China’s goal of reaching peak carbon by 2030 and carbon neutrality by 2060.
According to China’s State-owned Assets Supervision and Administration Commission of the State Council, the project’s underground reservoirs, located 800 meters underwater, will store 300,000 tons of carbon dioxide annually with a total storage capacity of 1.46 million tons.
General Manager of the deepwater engineering construction department under CNOOC’s Shenzhen branch, Liu Huaxiang, said this is equivalent to planting 14 million trees or taking one million cars off the road each year.
The project will store carbon dioxide generated from the offshore Enping 15-1 oilfield in the mouth of the Pearl River, about 200 kilometers south of Shenzhen, Guangdong province.
CNOOC’s Guyana affiliate, CNOOC Petroleum Guyana Limited, is a 25% co-venturer in the Stabroek Block, where the Exxon-led consortium has received approval from the Guyana government to undertake a carbon capture study for their licensed projects.
Guyana expects the companies to contribute to the fight against climate change by investing in emissions-reduction solutions.
The International Energy Agency (IEA) says carbon capture can play an important role in meeting global energy and climate goals. ExxonMobil estimates that there will be a US$4 trillion market for carbon capture by 2050.