Core Viewpoint - The first offshore carbon dioxide (CO2) storage demonstration project in China has successfully stored over 100 million cubic meters of CO2, indicating the maturity of China's offshore CO2 storage technology and its significance in achieving national carbon neutrality goals and promoting a green low-carbon transition in the economy [2][4]. Group 1: Project Overview - The Enping 15-1 oil field, located in the Pearl River Mouth Basin, is China's first high CO2 content oil field, where the offshore CO2 capture and storage project was initiated in June 2023, achieving an annual CO2 storage volume exceeding 40 million cubic meters [4][8]. - The project has introduced a new model of "carbon-driven oil, oil solidifying carbon" by utilizing CO2 to enhance oil recovery, resulting in an increase of 200,000 tons of crude oil production [6][8]. Group 2: Technological Advancements - The project has transitioned from a "technical blank" to "independent and controllable" capabilities, establishing a complete set of standardized operating procedures that provide important practical experience and data support for the large-scale application of offshore carbon storage technology [9][10]. - The Enping 15-1 platform has developed and added CO2 compressors and gas treatment systems to ensure precise control of gas quality during the injection process, addressing potential corrosion and emissions issues associated with traditional oil extraction methods [12]. Group 3: Future Developments - Over the next decade, the Enping 15-1 oil field is expected to inject over 550 million cubic meters of CO2, further driving crude oil production [8]. - China is promoting the cluster development of CO2 capture, storage, and utilization projects, with plans to establish a competitive offshore carbon capture and storage industry chain, including a 10 million-ton-level carbon capture and storage cluster project in Huizhou, Guangdong [14].

Core Viewpoint - 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, marking the maturity of offshore CO2 storage technology in China [1] Group 1: Project Achievements - The Enping 15-1 oilfield carbon storage project has cumulatively stored over 100 million cubic meters of CO2, equivalent to the carbon offset of planting 2.2 million trees [1] - Since its operation began in May, the project has safely operated for over 15,000 hours, with a peak daily injection rate of 210,000 cubic meters [1] Group 2: Future Projections - The project is expected to inject over 1 million tons of CO2 in the next decade, driving an increase in crude oil production by 200,000 tons [1] Group 3: Technological Impact - The steady development of CCS technology will support China's dual carbon goals and promote the energy sector's transition towards a green, low-carbon, and sustainable model [1] - The project exemplifies a new model of marine energy recycling, termed "carbon-driven oil, oil solidifying carbon" [1]

Core Insights - The report focuses on the latest developments in the "dual carbon" field, including carbon neutrality policies, local dynamics, and corporate practices [1] Carbon Market Developments - The UN has approved two key rules under Article 6.4 of the Paris Agreement to guide greenhouse gas reduction projects, establishing a clearer and more executable global carbon market framework [3] - The EU and the UK have committed to connecting their carbon emissions trading systems (ETS) to promote net-zero emissions and prevent carbon leakage, allowing mutual recognition of emission allowances [4] Methane Emission Control - The Ministry of Ecology and Environment in China aims to advance methane emission control in key sectors, emphasizing the importance of managing methane as a potent greenhouse gas [5] - Strategies include implementing standards for coalbed methane emissions, enhancing infrastructure for methane monitoring, and increasing public awareness of methane control [5] Local Initiatives - China's first offshore carbon capture, utilization, and storage (CCUS) project has been launched, marking a significant step in marine carbon storage and utilization [6] - The project captures CO2 from oil field development and injects it underground, creating a new model for marine energy recycling [7] Biodiversity and Sustainability Efforts - An event for International Biodiversity Day was held in Yichun, China, focusing on biodiversity protection and sustainable use, highlighting the importance of biodiversity for human well-being [8] Corporate Practices - A sustainable social value ecosystem was initiated by companies including Yili, Tencent, and Lenovo, promoting sustainable development principles and social responsibility [9] - The Southern Power Grid has published 14 near-zero carbon demonstration zones, providing models for energy sector low-carbon development [10] - A seminar on low-carbon power supply discussed the marketization of electricity prices for renewable energy, emphasizing the need for market adaptability among renewable enterprises [11][12]

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]