China unveils world’s first oil production ship with carbon capture facilities

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🗞️ Driving the news: China has unveiled the world’s first offshore oil production vessel equipped with carbon capture technology
• The 330-meter floating production storage and offloading unit (FPSO), developed by state-owned Cosco Ocean Shipping Heavy Industry, can produce up to 120,000 barrels of oil per day while capturing carbon dioxide emissions
• The vessel is set for delivery at the end of February

🔭 The context: The oil and gas industry is responsible for 5.1 billion tonnes of greenhouse gas emissions annually, accounting for 15% of global energy-related emissions
• FPSOs typically rely on gas-fired turbines, making their emissions difficult to reduce
• China's initiative aligns with global efforts to integrate carbon capture into fossil fuel production, with companies like SBM Offshore and the American Bureau of Shipping working on similar designs

🌍 Why it matters for the planet: While carbon capture can reduce emissions, it does not eliminate the environmental impact of oil production
• China, the world's largest emitter, aims to peak carbon emissions by 2030 and reach net zero by 2060
• The success of this FPSO could influence global adoption of carbon capture in offshore oil extraction

⏭️ What's next: China’s National Offshore Oil Corporation launched its first offshore carbon capture project in 2023, with plans for further expansion
• Other energy giants are developing similar technologies, signaling a shift toward integrating carbon capture in fossil fuel production
• However, experts remain skeptical that such measures alone will keep global temperature rise below 2°C

💬 One quote: “This marks an important step for China in the field of offshore carbon capture.” — CCTV report

📈 One stat: China’s first offshore carbon capture project can store 1.5 million tonnes of CO₂, equivalent to planting nearly 14 million trees

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