Yinson invests in carbon capture technology firm to curb emissions from FPSO ops
Yinson Production, an offshore production business arm of Malaysia’s Yinson Holdings, has made a move to slash its carbon footprint by making a strategic investment in Ionada, in recognition of the potential the firm’s carbon capture technology holds as a tool to decarbonize FPSO operations and lead to emissions reduction in the hard-to-abate industries.
According to Yinson Production, this investment demonstrates its commitment to lower greenhouse gas emissions from its offshore operations, as Ionada’s technology has “enormous potential” to support the offshore oil and gas industry’s transition to low-carbon operations. While this technology presents new business opportunities to decarbonize the hard-to-abate industries, it also enables Yinson to participate in the carbon credit value chain.
Ionada, which develops, manufactures, and markets exhaust gas cleaning systems that cut emissions down from the marine and power generation industries, has developed a process for post-combustion carbon capture, that combines proprietary hollow fibre membrane contactors with proven amines absorbents. Yinson highlights that this modular carbon capture system is designed and engineered for small to mid-sized industrial emitters, including the energy, marine, and e-fuels industries.
Lars Gunnar Vogt, Yinson Production’s Chief Technical Officer, commented: “Yinson Production is always looking for the latest technological ideas and breakthroughs in decarbonizing offshore production. Our investment in Ionada’s advanced carbon capture technology is a significant step towards our commitment to lowering our carbon footprint. Their carbon capture solution, which has demonstrated the potential to reduce carbon emissions by more than 95%, is a key component of our zero emissions FPSO concept.
“This technology will also pave the way for new business opportunities and our participation in the carbon credit value chain. Our aim is to revolutionize carbon capture and sequestration within the energy sector, and this partnership with Ionada is a significant milestone in that journey.”
Moreover, the Malaysian player is convinced that Ionada’s technology complements its zero emissions FPSO concept and bonds well with its climate strategy and investment to support a sustainable and inclusive energy transition. Based on the Ionada’s current phase of in-lab studies, the carbon capture technology has the capability of reducing more than 95% of carbon emissions.
Edoardo Panziera, Ionada’s Chief Executive Officer, remarked: “Applying carbon capture to the production of hydrocarbons will play a key role in achieving meaningful carbon emission reductions and decarbonizing energy. We are honored to partner with Yinson Production and believe this key milestone will facilitate meaningful advances in our innovative technology.”
Yinson recently made another step toward the realization of its zero emissions FPSO concept with the decision to pilot an offshore carbon capture and storage (CCS) plant on the FPSO Agogo in Angola, together with Azule Energy. This is said to be the world’s first post-combustion carbon capture unit installed onboard an FPSO.