What's Happening?
ABS has granted approval in principle to a liquefied carbon dioxide (LCO2) floating storage and injection unit (FSIU) designed by MODEC in collaboration with Mitsui OSK Lines. This design is tailored to meet the growing demands of the global carbon capture, utilization, and storage (CCUS) value chain by eliminating the need for onshore facilities and bringing LCO2 storage and injection offshore. The unit is capable of injecting up to 10 million tonnes of CO2 annually and features a minimum total tank storage capacity of 100,000 cubic meters. It operates directly at the injection site, receiving low-pressure LCO2 from transport carriers, converting it to high-pressure storage onsite, and injecting it into subsea wells for permanent storage.
Why It's Important?
The approval of MODEC's offshore LCO2 storage unit represents a significant advancement in carbon capture technology, which is crucial for reducing global carbon emissions. By enabling offshore storage and injection, this technology reduces reliance on land-based infrastructure, offering a flexible and scalable solution for carbon sequestration. This development aligns with the International Energy Association's projection that global carbon capture capacity will reach 435 million tonnes per year by 2030. The innovative design supports the safe and efficient sequestration of captured carbon, contributing to global efforts to combat climate change.
What's Next?
The deployment of MODEC's FSIU could lead to increased adoption of offshore carbon capture solutions, encouraging further investment and development in this sector. Stakeholders such as environmental groups, governments, and industries involved in carbon-intensive processes may react positively to this advancement, potentially leading to new partnerships and projects aimed at reducing carbon footprints.
