What's Happening?
ABS has granted approval in principle to MODEC's liquefied carbon dioxide (LCO2) floating storage and injection unit (FSIU), designed in collaboration with Mitsui OSK Lines. The unit is tailored to the global carbon capture, utilization, and storage (CCUS) value chain, eliminating the need for onshore facilities by bringing LCO2 storage and injection offshore. The FSIU can inject up to 10 million tonnes of CO2 annually and has a minimum total tank storage capacity of 100,000 cubic meters. It operates directly at the injection site, converting low-pressure LCO2 to high-pressure storage and injecting it into subsea wells for permanent storage.
Why It's Important?
The approval of MODEC's offshore carbon storage unit marks a significant advancement in carbon capture technology, offering a scalable solution to global carbon sequestration efforts. By reducing reliance on land-based infrastructure, the unit enables flexible deployment across various injection sites, potentially accelerating the pace of carbon capture initiatives worldwide. This development supports the International Energy Association's projection of reaching 435 million tonnes of global carbon capture capacity by 2030, contributing to climate change mitigation and environmental sustainability.
What's Next?
MODEC's design will likely pave the way for further innovations in offshore carbon storage solutions, encouraging other companies to explore similar technologies. As carbon capture technology advances, stakeholders in the energy and environmental sectors may increase investments in offshore storage units, enhancing global efforts to reduce carbon emissions. Continuous collaboration between technology providers and regulatory bodies will be crucial in ensuring the safe and efficient deployment of these units.
