The company said:
- CCUS technologies provide the foundation for achieving carbon neutrality
- It will play an exemplary role for the development of the industry and greatly promote the goal of the national carbon emissions peak before 2030 and achieve carbon neutrality by 2060, helping to manage global climate change and greenhouse gas emissions
Zhang Yuzhuo, CEO of Sinopec, noted:
- According to IEA, CCUS will contribute about 14% of carbon dioxide emissions reduction by 2050, and the market application prospects are very promising
- Developing CCUS is a trend as well as a mission
- Sinopec will research and establish a carbon capture, utilization, storage R&D center to advance a series of core technologies and bottleneck problems, as well as a carbon dioxide utilization technology innovation system, extending the clean carbon sequestra
The CO2 will then be injected into 73 oil wells at Shengli, where it will be used to boost recovery.
Sinopec estimated that 10.68 million tonnes of CO2 will be injected into the oilfield over the next 15 years and lift oil production by nearly 3 million tonnes.