China Launches First Carbon Capture Oil Production Vessel

China Launches First Carbon Capture Oil Production Vessel | OilPrice.com

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Breaking News:

ByCharles Kennedy– Feb 17, 2025, 3:54 AM CST

Chinese COSCO has launched the first floating oil production and storage vessel equipped with a carbon capture system, with a daily capacity of 120,000 barrels of crude.

The vessel will be able to capture carbon emissions generated both from its voyage to the production site and from the production process itself, media reported.

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“The high tower you see here is actually a collection and cleansing tower for carbon capture,” said COSCO senior project manager Xu Xiaohua.

“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.”

Carbon capture is believed to be an essential tool for the energy transition although the technology is seen as controversial by many transition advocates because it gives oil and gas producers an opportunity to boost production. According to these advocates, the energy transition necessarily requires an end to hydrocarbons.

Wood Mackenzie last year estimated that global investments in carbon capture will reach close to $200 billion by 2034, with almost half going into capture capacity and the rest into transportation and storage.

Capture capacity would reach 440 million tons annually by that year, with storage capacity getting a boost to a total of 664 million tons. Government subsidies are critical for this development, Wood Mackenzie said, noting that five key transition-oriented countries had committed some $80 billion to support the technology.

Rystad Energy reported in 2024 that the Asia Pacific was emerging as a hub for carbon capture, naming Australia, Malaysia, and Indonesia as key players in the region. Asia Pacific investment in carbon capture was estimated at $15 billion over the ten years to 2034.

By Charles Kennedy for Oilprice.com

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