Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully implemented its first offshore carbon capture, utilization, and storage (CCUS) project at the Enping 15-1 oil field, achieving a milestone of over 100 million cubic meters of carbon dioxide (CO2) stored, equivalent to the carbon offset of planting 2.2 million trees, showcasing the maturity of China's offshore CO2 storage technology and capabilities [6][9][15] Group 1: Project Overview - The Enping 15-1 oil field is China's first high CO2 content oil field located in the South China Sea, where CO2 is typically released during oil extraction, contributing to environmental concerns [7][8] - The CCUS project at Enping 15-1 was launched in May 2023, marking a significant step in China's efforts to accelerate offshore CO2 storage and utilization [8][12] - The project aims to achieve dual objectives: CO2 storage and enhanced oil recovery, with a projected CO2 injection of over 1 million tons and an increase in oil production by 200,000 tons over the next decade [9][15] Group 2: Technical Details - The CCUS process involves capturing CO2 from oil and gas production, purifying, compressing, and injecting it into geological formations for long-term storage [8][10] - The project utilizes a complete set of domestically developed equipment with a 100% localization rate, ensuring efficient operation and monitoring of CO2 injection [12][14] - Advanced technologies, including real-time monitoring systems and intelligent gas injection techniques, have been implemented to optimize CO2 injection and enhance oil recovery [12][11] Group 3: Industry Implications - The successful implementation of the Enping 15-1 project is expected to serve as a replicable model for green and low-carbon development in offshore oil and gas fields across China [9][12] - China's offshore CCUS industry is poised for growth, with significant potential for CO2 geological storage estimated at 25.8 billion tons, providing a robust foundation for large-scale applications [14][15] - CNOOC is also developing a comprehensive offshore CCUS industrial chain, including a major carbon capture and storage project in Guangdong, aimed at enhancing oil recovery and contributing to national carbon neutrality goals [15]

Core Viewpoint - The launch of China's first offshore carbon capture, utilization, and storage project at the Enping 15-1 platform in the Pearl River Mouth Basin marks a significant breakthrough in offshore carbon sequestration technology in the country [1] Company Summary - China National Offshore Oil Corporation (CNOOC) has successfully initiated the first offshore carbon capture project, indicating advancements in environmental technology within the oil and gas sector [1] Industry Summary - The project represents a major development in the offshore carbon capture and storage industry in China, highlighting the country's commitment to reducing carbon emissions and enhancing sustainable practices in energy production [1]