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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

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ECB keeps rates unchanged

 

The European Central Bank (ECB) on Thursday announced that it would keep key interest rates unchanged amid tentative signs of economic stabilization in the eurozone.

The central bank reconfirmed in the latest edition of their forecast that inflation will swing around 2 percent from 2025 to 2028, with headline average inflation estimated at 2.1 percent in 2025, 1.9 percent in 2026, 1.8 percent in 2027, and 2.0 percent in 2028.

The interest rates on the deposit facility, the main refinancing operations, and the marginal lending facility will remain unchanged at 2 percent, 2.15 percent, and 2.4 percent, respectively.

The ECB repeated in a statement that it is "not pre-committing to a particular rate path".

The projections reconfirm "inflation should stabilize at the 2 percent target in the medium term," said the ECB statement.

Thanks to stronger consumption and investment, the euro zone economy grew by 0.3 percent in the third quarter. The ECB expects domestic demand to continue to drive up the economic growth in the euro zone in the coming years.

Forecast of the euro zone economic growth has been revised up to 1.4 percent in 2025, 1.2 percent in 2026, 1.4 percent in 2027 and 1.4 percent in 2028.

The "robust labor market", according to the ECB, also contributed to the economic growth in the third quarter. Unemployment rate stood at 6.4 percent in October, which was close to the historical low.

ECB keeps rates unchanged

ECB keeps rates unchanged

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