Illustration; Source: PTTEP

PTTEP signs on the dotted line to take part in carbon capture and storage study

Thailand’s national oil and gas company PTT Exploration and Production (PTTEP) has inked an agreement to participate in a study on the carbon storage potential in the Northern Gulf of Thailand. This is expected to help Thailand meet its net zero greenhouse gas emissions target by 2065.

Illustration; Source: PTTEP

The move comes days after PTTEP disclosed its readiness to conduct a joint carbon storage study with Japan’s oil and gas producer Inpex, as part of an international collaboration between the Thai Department of Mineral Fuels (DMF) and Japan Organization for Metals and Energy Security (JOGMEC).

According to PTTEP, the agreement for the joint study was signed by Nopasit Chaiwanakupt, Acting Executive Vice President, Technology, Carbon Solutions, and Sustainable Growth Group at PTTEP; Satoshi Asawa, Executive Vice President of the Energy Business Unit, Japan Organization for Metals and Energy Security (JOGMEC); and Toshiaki Takimoto, Director, Managing Executive Officer, and Senior Vice President of Hydrogen & CCUS Development at Inpex.

The signing ceremony was attended by Dr. Poonpat Leesombatpiboon, Deputy Director-General of the Thai Department of Mineral Fuels (DMF), Ministry of Energy, and Montri Rawanchaikul, Chief Executive Officer of PTTEP.

This joint study is expected to provide insights to outline Thailand’s carbon capture and storage (CCS) development plan in the Gulf of Thailand, as well as support the reduction of industrial carbon emissions from the Eastern Economic Corridor (EEC).

PTTEP is also progressing its first CCS project in Thailand at the Arthit gas field in the Gulf of Thailand. With the front-end engineering design (FEED) phase now completed, the company expects to start CCS operations at the field in 2027 to reduce 700,000 – 1,000,000 tons of CO2 per year from gas production.

The Thai player is also working on expanding its hydrocarbon resources, as confirmed by a trifecta of oil and gas discoveries offshore Malaysia in 2023.