ExxonMobil, Shell, CNOOC, and Guangdong Provincial Development & Reform Commission have signed an agreement to evaluate the potential for a carbon capture and storage project to reduce greenhouse gas emissions at the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, China.
n addition to assessing the commercial opportunity for carbon capture and storage in one of China’s largest industrial areas, the companies will also evaluate the carbon policy systems in China and propose policies for consideration that would support the deployment of carbon capture and storage in Dayawan Petrochemical Industrial Park.
Initial assessments of the project indicate the potential to capture up to 10 million metric tons of CO2 per year from Dayawan’s industrial sector, supporting China’s ambition of carbon neutrality by 2060. The project could also serve as a model for the chemical industry as one of the first petrochemical projects to be decarbonized.
Collaboration with government and industry is an important part of unlocking future carbon capture and storage opportunities, with the potential for large-scale reductions of emissions from vital sectors of the global economy
said Dan Ammann, president of ExxonMobil Low Carbon Solutions.
ExxonMobil is also pursuing strategic investments in biofuels and hydrogen to bring those lower-emissions energy technologies to scale for hard-to-decarbonize sectors of the global economy, by leveraging the skills, knowledge and scale of the business.