ExxonMobil, Shell PLC, China National Offshore Oil Corp. (CNOOC), and Guangdong Provincial Development & Reform Commission have signed a Memorandum of Understanding to evaluate the potential for a carbon capture and storage (CCS) project to reduce greenhouse gas emissions at the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, China.

The agreement initiates a joint study to capture up to 10 million metric tons/year of CO₂ from Dayawan’s industrial sector.

The collaboration supports China’s 2060 carbon neutrality ambition.