Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully implemented the country's first offshore carbon dioxide (CO2) storage demonstration project at the Enping 15-1 oil field, achieving a cumulative CO2 storage of over 100 million cubic meters, equivalent to the carbon absorption of 2.2 million trees, indicating the maturity of China's offshore CO2 storage technology and capabilities [1][2][3]. Group 1: Project Overview - The Enping 15-1 oil field is the first high CO2 content oil field in the eastern South China Sea, where CO2 is typically released during conventional oil extraction, contributing to increased emissions and corrosion of offshore facilities [2][4]. - The project utilizes Carbon Capture, Utilization, and Storage (CCUS) technology, which involves capturing CO2 from emission sources, utilizing it as a resource, and storing it in geological formations to prevent atmospheric release [2][3]. - CNOOC's CCUS demonstration project is a key initiative under the "14th Five-Year Plan" aimed at energy conservation and carbon reduction, with over 10 domestic pioneering technologies developed over four years of research [2][3]. Group 2: Technical Implementation - The CO2 storage process involves two main steps: first, capturing and storing CO2, with an annual storage capacity exceeding 40 million cubic meters; second, upgrading to CO2 utilization, which enhances oil recovery by injecting supercritical CO2 into underground reservoirs [3][5]. - The project has been operational for over 15,000 hours, with peak injection rates reaching 210,000 cubic meters per day, demonstrating a successful model for green and low-carbon development in offshore oil fields [3][5]. Group 3: Equipment and Technology - CNOOC has developed a complete set of engineering equipment for CO2 capture and storage, achieving a 100% localization rate for the equipment used in the project [4][5]. - The project employs advanced technologies such as real-time monitoring systems and intelligent gas injection techniques to ensure precise control over CO2 injection and prevent leakage [6][7]. Group 4: Industry Implications - The project positions China as a leader in offshore CCUS technology, with significant potential for scaling up CO2 storage capabilities, estimated at 25.8 billion tons in China's offshore areas [8]. - CNOOC is also initiating a large-scale CCUS cluster project in Guangdong, aiming to capture CO2 emissions from various enterprises and store them in the Pearl River Estuary, thereby forming a competitive offshore CCUS industry chain [8][9].

Core Insights - China National Offshore Oil Corporation (CNOOC) has successfully achieved a significant milestone in carbon capture and storage (CCS) with its Enping 15-1 oilfield project, having stored over 100 million cubic meters of carbon dioxide, equivalent to the carbon offset of planting 2.2 million trees [3] Group 1: Project Overview - The Enping 15-1 oilfield is China's first offshore high carbon dioxide content oilfield, which, if developed conventionally, would lead to increased carbon emissions and corrosion of offshore facilities [3] - CNOOC has invested four years in research to implement the first offshore CCS project in China at this oilfield, achieving an annual carbon dioxide storage capacity exceeding 100,000 tons [3] Group 2: Technological Advancements - In May, the first offshore carbon capture, utilization, and storage (CCUS) project was launched at the Enping 15-1 platform, marking a comprehensive upgrade in offshore CCUS technology, equipment, and engineering [3] - The project introduces a new model of marine energy recycling, termed "carbon-driven oil, oil-solid carbon," which enhances oil production while simultaneously achieving carbon dioxide storage [3]

ESG Policies - The Ministry of Ecology and Environment, along with six other departments, has launched a plan to promote the application of new energy vessels such as green methanol, green ammonia, and green hydrogen from 2025 to 2027, emphasizing the importance of cleaning up ports and waterways [1] ESG Initiatives - China's first offshore CCUS project has been put into operation, capturing and storing CO2 while enhancing oil recovery at the Enping 15-1 platform, demonstrating a new model of carbon-driven oil recovery and carbon storage [2] - The State Forestry and Grassland Administration reported significant progress in biodiversity protection, with over 200 endangered species showing recovery and a record 5.059 million wintering waterbirds counted in 2024 [3] ESG Investment - As of March 31, 2025, Hong Kong's ESG fund management assets exceeded HKD 1 trillion, with 218 approved ESG funds and over USD 84 billion in green and sustainable debt issued in 2024, highlighting Hong Kong's strong position in the ESG financial market [4] ESG Actions - Shanxi Province has announced a full subsidy for hydrogen-powered trucks on highways from June 1, 2025, marking the ninth region in China to implement such a policy, promoting low-carbon transition in transportation [5]