Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited or PTTEP, revealed that regarding Thailand's commitment to the UN Climate Change Conference of the Parties (COP26) to achieve carbon neutrality in 2050 and Net Zero GHG Emissions in 2065, PTTEP is determined to take part in managing GHG emissions and tackling global warming issues. Therefore, the company has set forth an ambitious emissions reduction target - Net Zero GHG Emissions by 2050 via the EP Net Zero 2050 concept. One of PTTEP's key strategic enablers to reduce carbon dioxide emitted from the company's petroleum production process is the adoption of CCS technology, a preferable pathway that several countries have considered as the main approach to effectively reduce carbon dioxide emissions at scale.
Launched in 2021, the feasibility study of PTTEP's pioneer CCS project at Arthit gas field has recently concluded, marking the first initiative of its kind in the country. The study covers several aspects including the preliminary assessment of carbon storage capacity of targeted geological storage formations and corresponding conceptual development plan. The project is currently in the process of preliminary front-end engineering and design (Pre-FEED) study and is expected to commence the CCS operations by 2026.
"Our knowledge and expertise in geoscience and petroleum engineering represent advantageous foundation for CCS development, leading us towards our carbon emissions reduction target. Apart from Thailand's first CCS initiative at the Arthit gas field, PTTEP has collaborated with partners who have experience in CCS technology in Japan to evaluate the potential of CCS development in other parts of Thailand that will eventually provide support to other domestic industries in decarbonization. Moreover, we have recently joined forces with companies in PTT Group to apply CCS under the concept of CCS Hub Model to reduce GHG emissions from PTT Group's operations and other industries in the adjacent operational areas. These ongoing projects are expected to effectively support the country's road to net zero GHG reduction goal.
However, several key factors including CCS policy and regulations, investment promotion mechanisms, as well as cultivation of knowledge and understanding among the public are needed for the successful execution of the CCS project in Thailand. These will require collective support from government agencies and relevant parties in driving and promoting CCS technology adoption in Thailand in order to ensure that we can truly achieve our emissions reduction goals," said Mr. Montri.
CCS is one of PTTEP's strategic pathways amidst the energy transition movement to become a low-carbon organization with sustainable growth. In addition to CCS, PTTEP is exploring additional opportunities in renewable energy, Hydrogen, and Carbon Capture and Utilization (CCU).
Source: PTT Exploration and Production