CNOOC, Guangdong Provincial Development and Reform Commission, Shell Group and ExxonMobil jointly signed a memorandum of understanding on the Daya Bay carbon dioxide capture, utilization and storage (ccs/ccus) cluster research project in the form of "Online + offline" in Beijing, Guangzhou, London and Houston, said the .
This is China's first large-scale offshore ccs/ccus cluster research project (3-10million tons), and it is also another important measure for CNOOC to actively promote the "double carbon" work.
In November, ExxonMobil made a final investment decision to proceed with a USD10-billion chemical complex at Huizhou. The greenfield project includes a steam cracker with nameplate ethylene capacity of 1.6 MMt/y, three polyethylene lines, and two polypropylene lines.
Shell and CNOOC separately operate a 50-50 petrochemical joint venture at Huizhou, which started operations in 2006. Shell and CNOOC announced plans in 2020 to add a third cracker to their site. The CCS project would be “a follow-on to [ExxonMobil’s Huizhou project], and potentially impact more broadly to multiple industries within the Dayawan Petrochemical Industrial Park."
The CCS project at Huizhou could become one of the first chemical decarbonization projects in China. The companies will also evaluate China’s carbon policy systems and propose policies to support deployment of CCS projects in the Dayawan Industrial Park. “Collaboration with government and industry is an important part of unlocking future carbon capture and storage opportunities, with the potential for large-scale reductions of emissions from vital sectors of the global economy,” said Dan Ammann, president of ExxonMobil Low Carbon Solutions.
Currently, ExxonMobil estimates that it has an equity share of one-fifth of global CCS capacity at approximately 9 MMt/y.
As per MRC, China oil giant CNOOC Ltd shares surged as much as 44% in their Shanghai debut on Thursday, defying broad market weakness, as investors sought safety in the Chinese oil giant amid high energy prices and quickening inflation. After opening 20% higher, CNOOC shares immediately shot up 44% on the Shanghai Stock Exchange, hitting a price ceiling for the day and triggering a 30-minute trading halt. The stock ended the session up 27.7%.
mrchub.com