WPB: China’s COSCO has introduced the first floating vessel designed for oil production and storage that incorporates a carbon capture system. This innovative ship has the capability to process up to 120,000 barrels of crude per day.
The vessel is equipped to capture carbon emissions not only from its journey to the production site but also from the extraction process itself.
“That tall structure you see is actually a tower used for collecting and purifying carbon emissions,” explained Xu Xiaohua, a senior project manager at COSCO.
“The pipelines marked with green serve as the intake points for exhaust gases, which are pulled into the purification tower using fans. Inside, special absorbents extract hydrocarbons from these gases, significantly reducing the carbon content of the released air.”
Carbon capture technology is widely regarded as a crucial component of the global shift toward cleaner energy. However, it remains a controversial subject among energy transition advocates, as it enables oil and gas companies to sustain and potentially expand production. Critics argue that a true energy transition necessitates a complete move away from fossil fuels.
A report from Wood Mackenzie last year projected that global investments in carbon capture technology would approach $200 billion by 2034. Nearly half of this funding is expected to be allocated to expanding capture capacity, while the remainder would support transportation and storage infrastructure.
By that time, global capture capacity is forecasted to reach 440 million tons per year, with storage capacity rising to 664 million tons. Government incentives are expected to play a crucial role in this expansion. Wood Mackenzie highlighted that five major economies focused on energy transition had collectively pledged around $80 billion to support the advancement of this technology.
Meanwhile, in 2024, Rystad Energy identified the Asia-Pacific region as an emerging hub for carbon capture, highlighting Australia, Malaysia, and Indonesia as key contributors. Over the next decade, investments in the region’s carbon capture sector are projected to reach $15 billion.
By Bitumenmag
Vessel, Oil, Carbon, Bitumen
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