{"id":108949,"date":"2023-08-18T13:34:49","date_gmt":"2023-08-18T06:34:49","guid":{"rendered":"http:\/\/www.thestorythailand.com\/?p=108949"},"modified":"2023-08-18T13:34:55","modified_gmt":"2023-08-18T06:34:55","slug":"banpu-invests-in-the-carbon-capture-utilization-and-storage-ccus-project-in-the-u-s","status":"publish","type":"post","link":"https:\/\/www.thestorythailand.com\/en\/banpu-invests-in-the-carbon-capture-utilization-and-storage-ccus-project-in-the-u-s\/","title":{"rendered":"Banpu invests in the Carbon Capture, Utilization and Storage (CCUS) project in the U.S."},"content":{"rendered":"\n<p>Banpu Public Company Limited, a leading international versatile energy provider, has taken another big step forward in the Carbon Capture, Utilization and Storage (CCUS) project in the U.S., following the initiatives of the \u201cBarnett Zero\u201d and the \u201cCotton Cove\u201d projects. The Company recently entered into a carbon sequestration agreement with the State of Louisiana, referred to as the \u201cHigh West\u201d project, supporting Banpu\u2019s goal to ultimately achieve net zero carbon emissions in the U.S. upstream business.\u00a0\u00a0<\/p>\n\n\n\n<p>The Barnett Zero project,&nbsp;which is Banpu\u2019s first CCUS project,&nbsp;was initiated in and reached final investment decision (FID) in 2022, making Banpu the first Thai company to reach FID on a CCUS project in the U.S. Later in July 2022, Banpu commenced drilling the Barnett Zero project, and is targeting the first injection of CO<sub>2<\/sub>&nbsp;by December 2023. Banpu expects this project will be one of the first permanent commercial CO<sub>2<\/sub>&nbsp;disposal and sequestration projects to come online in the United States. The Barnett Zero project will separate CO<sub>2<\/sub>&nbsp;from the majority of Banpu\u2019s EnLink*-gathered natural gas production.<\/p>\n\n\n\n<p>Banpu\u2019s second CCUS project, referred to as the Cotton Cove project, reached internal FID in October 2022. The Cotton Cove project will separate, dispose of, and geologically sequester CO<sub>2&nbsp;<\/sub>generated as a byproduct of our natural gas production in the Barnett and will utilize the Company\u2019s midstream assets to do so.&nbsp;&nbsp;Banpu is targeting commencement of CO<sub>2<\/sub>&nbsp;sequestration activities at Cotton Cove by the end of 2024, subject to the ability to secure all required permits.<\/p>\n\n\n\n<p>The total investment for the Barnett Zero project&nbsp;is estimated&nbsp;to be between $29.0 and $34.0 million, while the Cotton Cove project investment will approximately be between $14.0 and $24.0 million with an average sequestration rate of up to approximately 210,000 and 80,000 metric tons of CO<sub>2<\/sub>e per year respectively.<\/p>\n\n\n\n<p>Regarding&nbsp;High West,&nbsp;Banpu&#8217;s third CCUS project, the Company will develop facilities and permanently sequester carbon dioxide from local emissions sources.&nbsp;These three pilot projects showcase a significant endeavor for the carbon emission initiative of Banpu group, with adherence to ESG principles and Banpu\u2019s standpoint to deliver &#8220;Smarter Energy for Sustainability.&#8221;<\/p>\n\n\n\n<p><strong>Somruedee Chaimongkol<\/strong>, Chief Executive Officer of Banpu Public Company Limited, said, \u201cUnder our Greener &amp; Smarter strategy,\u00a0these CCUS projects are milestones in our\u00a0decarbonizing mission.\u00a0\u00a0They are not only a new addition to Banpu\u2019s value chain in the U.S.,\u00a0but also\u00a0help us to reduce greenhouse gases in our business processes to minimize potential environmental impacts, and it\u00a0may create the opportunity to generate income\u00a0from selling carbon credits\u00a0in the future.\u00a0Moreover, we expect these projects to strengthen confidence among our stakeholders, both in terms of creating added value for the business and promoting sustainability for the energy industry.\u201d<\/p>\n\n\n\n<p><strong>Thiti Mekavichai<\/strong>, Head of Oil and Gas Business of Banpu Public Company Limited, said, \u201cIn our natural gas business, we aim for a carbon neutral target for scope 1 and 2 upstream emissions around 2025 and a net zero target for scope 3 upstream emissions\u00a0in the 2030s.\u00a0These CCUS projects will be a gamechanger for Banpu to advance towards these goals and create more value and continued growth for our business in the U.S.\u201d<\/p>\n\n\n\n<p>\u201cAs we seek to reach our upstream natural gas carbon abatement goal at 15-16 million of CO<sub>2<\/sub>e per year in the 2030s, we are consistently on the lookout for more potential CCUS projects and opportunities and are currently reviewing a CCUS potential project pipeline of more than 30 million metric tons of CO<sub>2<\/sub>e per year,\u201d Mr. Thiti added.<\/p>\n\n\n\n<p>With Banpu&#8217;s strong ecosystem in the U.S., the Company encompass businesses across the upstream, midstream, and downstream sectors. Now the Company has operations in two different natural gas shale plays and is one of the top 20 gas-weighted natural gas producers in the U.S.\u00a0It also\u00a0acquired\u00a02 gas-fired power plants \u2013 Temple I and Temple II and operates a retail electricity business. Banpu is actively seeking additional investment opportunities in the US aligned with ESG and the Greener &amp; Smarter strategy, with an aim to meet future energy demand and power a better living for all.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.thestorythailand.com\/en\/10\/08\/2023\/108217\/\">QSNCC\u00a0to accommodate 3 digital events to power Thailand as \u201cDigital Gateway\u201d of Southeast Asia\u00a0<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.thestorythailand.com\/en\/26\/07\/2023\/107153\/\">GPSC signs MOU with PTT Digital to explore the development of an energy platform<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banpu Public Company Limited, a leading international versatile energy provider, has taken another big step forward in the Carbon 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