PTT Exploration and Production Plc (PTTEP) is allocating US$300 million to develop Thailand's first carbon capture and storage (CCS) facility at a petroleum production field in a bid to support the country's commitment to reducing carbon dioxide emissions.
The CCS plant, slated for the Arthit gas block in the Gulf of Thailand, will pave the way for the company to achieve its net zero goal by 2050, said Montri Rawanchaikul, chief executive of PTTEP.
Net zero is a target set as part of global campaigns to reduce greenhouse gases, which are blamed for causing global warming. The net zero refers to a balance between greenhouse gas emissions and absorption.
The company, which conducted a feasibility study on the CCS project last year, recently concluded its findings and is ready to push ahead with the project.
It expects CCS can store up to 1 million tonnes of carbon dioxide during gas production at Arthit.
The project is in the process of a preliminary front-end engineering and design study and is scheduled to commence operations by 2026.
"Our knowledge and expertise in geoscience and petroleum engineering represent an advantageous foundation for CCS development, leading us towards our carbon emission reduction target," said Mr Montri.
Several key factors including the government's CCS policy, regulations, investment promotion as well as cultivation of knowledge and understanding of the technology among the public are needed for the country to successfully carry out CCS projects, he said.
PTTEP plans to conduct more feasibility studies on CCS in other petroleum fields in Thailand to help the country reduce greenhouse gas emissions.
Prime Minister Prayut Chan-o-cha vowed during the 26th UN Climate Change Conference in Glasgow late last year that Thailand would be more aggressive in addressing climate change, striving to reach carbon neutrality, a balance between carbon dioxide emissions and absorption, by 2050, and a net-zero target by 2065.
Mr Montri said PTTEP plans to develop the next CCS effort for the Sinphuhorm project, a national gas condensate production facility in Udon Thani and Khon Kaen provinces.
