PetroChina, BP to set up CCUS cluster in Hainan province

PetroChina and BP have signed an agreement to build a regional carbon capture, utilisation and storage cluster in Hainan province, CNPC, PetroChina’s parent company, said on March 20.

China Southern Petroleum Exploration and Development, a unit of PetroChina, has built a full-process CCUS system project, proposed a regional carbon sequestration strategy plan, and provided a reliable and major solution for Hainan province to achieve the goal of carbon neutrality, CNPC said.

“The cooperation between the two parties will make a beneficial attempt for the green and low-carbon development of the oil and gas industry, add new impetus to the construction of Hainan Free Trade Port and Clean Energy Island, and make positive contributions to the realisation of the industrialisation of CCUS,” the Chinese state-owned company said.

PetroChina and BP established a global strategic partnership in 2015. CNPC said that this agreement will further promote and deepen the cooperation between the two parties in energy transformation.