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Minimum Carbon Credit Cost Estimation for Carbon Geological Storage in the Mae Moh Basin, Thailand

Author

Listed:
  • Chanapol Charoentanaworakun

    (Department of Mining and Petroleum Engineering, Faculty of Engineering, Chiang Mai University, Chiang Mai District, Chiang Mai 50200, Thailand)

  • Komsoon Somprasong

    (Department of Mining and Petroleum Engineering, Faculty of Engineering, Chiang Mai University, Chiang Mai District, Chiang Mai 50200, Thailand)

  • Anusak Duongkaew

    (Department of Mining and Petroleum Engineering, Faculty of Engineering, Chiang Mai University, Chiang Mai District, Chiang Mai 50200, Thailand)

  • Panita Wongchai

    (Department of Mining and Petroleum Engineering, Faculty of Engineering, Chiang Mai University, Chiang Mai District, Chiang Mai 50200, Thailand)

  • Ploypailin Katunyoo

    (Department of Mining and Petroleum Engineering, Faculty of Engineering, Chiang Mai University, Chiang Mai District, Chiang Mai 50200, Thailand)

  • Purin Thanaphanyakhun

    (Department of Mining and Petroleum Engineering, Faculty of Engineering, Chiang Mai University, Chiang Mai District, Chiang Mai 50200, Thailand)

Abstract

Carbon geological storage (CGS) is one of the key processes in carbon capture and storage (CCS) technologies, which are used to reduce CO 2 emissions and achieve carbon-neutrality and net-zero emissions in developing countries. In Thailand, the Mae Moh basin is a potential site for implementing CGS due to the presence of a structural trap that can seal the CO 2 storage formation. However, the cost of CGS projects needs to be subsidized by selling carbon credits in order to reach the project breakeven. Therefore, this paper estimates the economic components of a CGS project in the Mae Moh basin by designing the well completion and operating parameters for CO 2 injection. The capital costs and operating costs of the process components were calculated, and the minimum carbon credit cost required to cover the total costs of the CGS project was determined. The results indicate that the designed system proposes an operating gas injection rate of 1.454 MMscf/day, which is equivalent to 29,530 tCO 2 e per year per well. Additionally, the minimum carbon credit cost was estimated to be USD 70.77 per tCO 2 e in order to achieve breakeven for the best case CGS project, which was found to be much higher than the current market price of carbon credit in Thailand, at around USD 3.5 per tCO 2 e. To enhance the economic prospects of this area, it is imperative to promote a policy of improving the cost of carbon credit for CGS projects in Thailand.

Suggested Citation

  • Chanapol Charoentanaworakun & Komsoon Somprasong & Anusak Duongkaew & Panita Wongchai & Ploypailin Katunyoo & Purin Thanaphanyakhun, 2024. "Minimum Carbon Credit Cost Estimation for Carbon Geological Storage in the Mae Moh Basin, Thailand," Energies, MDPI, vol. 17(9), pages 1-15, May.
    • Handle: RePEc:gam:jeners:v:17:y:2024:i:9:p:2231-:d:1389046
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    References listed on IDEAS

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    1. Jing, Jing & Yang, Yanlin & Tang, Zhonghua, 2021. "Assessing the influence of injection temperature on CO2 storage efficiency and capacity in the sloping formation with fault," Energy, Elsevier, vol. 215(PA).
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