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China constructs world’s first offshore floating production, storage vessel with carbon capture technology

China

China

China

China constructs world’s first offshore floating production, storage vessel with carbon capture technology

2025-02-15 17:51 Last Updated At:18:07

China recently completed the construction of the world's first offshore floating production and storage vessel equipped with carbon capture and storage (CCS) technology. The vessel is scheduled for delivery by the end of February.

The ship, measuring 333 meters in length and 60 meters in width, has a daily crude oil production capacity of 120,000 barrels. It has the ability to capture carbon dioxide produced during both its voyage and oil production processes.

Additionally, it harnesses waste heat from exhaust gases to generate electricity, fulfilling both environmental protection and energy-saving goals. This technological breakthrough marks a significant step forward for China in the field of offshore carbon capture.

"The high tower you see here is actually a collection and cleansing tower for carbon capture. The pipes labeled with green marks are the entry points for exhaust gases, which are drawn into the cleansing tower by the fans. Inside the tower, there are absorbents that capture the hydrocarbons from the exhaust gases, resulting in exhaust air with significantly lower carbon emissions," said Xu Xiaohua, senior project manager at Shanghai COSCO Shipping Heavy Industry Co., Ltd., the builder of the vessel.

In 2023, global offshore oil and gas production emitted approximately 38 million tons of CO2. The figure is expected to rise to nearly 50 million tons by 2030 if without any control.

Carbon capture and storage technologies offer a greater potential for reducing emissions in offshore oil and gas operations, providing a new solution for achieving global carbon peak and carbon neutrality goals.

China constructs world’s first offshore floating production, storage vessel with carbon capture technology

China constructs world’s first offshore floating production, storage vessel with carbon capture technology

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 22 pips to 7.0572 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Chinese yuan weakens to 7.0572 against USD Monday

Chinese yuan weakens to 7.0572 against USD Monday

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