Abstract
To achieve the carbon neutrality of the country, Thailand plans to implement carbon capture, utilization, and storage (CCUS) technology to capture 40 million t CO2 from the energy industry and selected industrial sectors by 2050. However, due to the very high cost of CCUS, mainly from the capturing process, may hinder the pathway to meet the target. This paper discusses the new demand for CCUS development in Thailand specifically in the oil and gas industry from both domestic exploration and production (E&P) units and refinery plant, including the current development status analysis. Institutional and regulatory framework of the country are well raised along with the economical business model and criteria to accelerate the sustained CCUS deployment. From the real-world assessment, we found that the natural gas production industry has the potential to reduce from the E&P industry and oil refinery plants by between 8.22 – 50.59 Mt/y and 9.79 Mt/y, respectively. Gap analysis have been assessed in the context of policy, regulatory, financial business model, technology and capacity building with recommendation and relevance data. The prospective business model should consider the following criteria: source-sink matching, technology cost from capture to storage with subsidization model, best available technology, and time period to adopt the technology.
