On March 17, CNPC's China Southern Petroleum Exploration & Development Corporation (or China Southern Petroleum E&D Co.) and bp (China) signed a memorandum of understanding on Hainan low-carbon cooperation. The two sides will jointly explore cooperation opportunities in the field of low-carbon energies, so as to bring new drivers for Hainan's development into an island of free trade and clean energy.

As one of the first oilfield companies to pilot CCUS in China, China Southern Petroleum E&D Co. has completed a full-process CCUS project in Hainan, which provides a reliable solution regarding strategic planning on regional carbon sequestration for the province to deliver on carbon peak and neutrality goals. Rolling out blue hydrogen, green hydrogen and carbon sequestration projects in Teesside, UK, bp has built up experience in cutting-edge technologies to share with its peers worldwide.