CGG Adds New Southeast Asia Carbon Storage Study to Growing CCUS Library
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Insights
Understanding the potential for carbon capture, utilization and storage (CCUS) in Southeast Asia is critical for energy sector stakeholders and investors. The region's energy demand is projected to grow significantly and with it, the need for sustainable solutions to manage carbon emissions. The release of CGG's Southeast Asia Carbon Storage Study provides a strategic tool for identifying viable carbon storage sites, which is essential for planning and investment purposes.
From a market perspective, the study's findings could influence investment trends by highlighting regions with high storage potential, thereby attracting capital towards CCUS projects in those areas. The prioritization of basins could also streamline investment decisions, reducing the risk and uncertainty associated with site selection for carbon storage projects. This could lead to increased efficiency in the allocation of resources, potentially accelerating the deployment of CCUS technology in the region.
Moreover, the study aligns with global trends towards renewable energy and emissions reduction, which are becoming increasingly important to investors. Companies and investors with a focus on sustainability and ESG (Environmental, Social and Governance) criteria may find the study particularly relevant, as it supports the development of infrastructure that aligns with these values.
CGG's new study is a significant development for the energy sector in Southeast Asia, as it provides a clearer picture of the carbon storage capabilities within the region. The availability of such data is a game-changer for energy companies looking to invest in CCUS as part of their carbon mitigation strategies. This is particularly relevant as the International Energy Agency (IEA) has identified CCUS as a key technology for achieving global climate targets.
By quantitatively and qualitatively assessing subsurface features and the above-ground context, CGG is offering a valuable resource that could potentially reduce geological and commercial risks associated with CCUS projects. This could lead to a more favorable environment for project financing and insurance, as the uncertainties that typically surround new technology deployments are mitigated.
Furthermore, the study's impact extends beyond immediate business decisions. It could also influence policy-making, as governments in the region may leverage the data to set more informed regulations and incentives for CCUS, fostering a supportive environment for the technology's growth.
The methodology employed by CGG in their Southeast Asia Carbon Storage Study is noteworthy for its comprehensive approach to evaluating carbon storage potential. By integrating assessments of deep subsurface geological features with considerations of the above-ground context, CGG is providing a multi-faceted view of the storage opportunities. This is particularly important in geologically diverse regions like Southeast Asia, where the variability of basin characteristics can greatly impact the feasibility and safety of carbon storage.
For geologists and other earth science professionals, the study's findings could inform further research and exploration activities in the region. The identification of high-potential basins may lead to more targeted geological surveys and drilling programs, which are crucial for confirming storage capacity and integrity. This could ultimately contribute to the broader body of knowledge regarding CCUS and its practical implementation in various geological settings.
Paris, France – February 20, 2024
CGG has announced the release of a Southeast Asia Carbon Storage Study to support and accelerate the screening process for all players in the region’s fast-growing CCUS market. This study ranks and prioritizes opportunities at large scale across 58 basins in Indonesia, Malaysia, Thailand and Vietnam, covering a total surface area of over 6 million km2, to help streamline the process for identifying the best basins and plays for potential carbon storage. The study and its associated data are available to license now.
The Southeast Asia Carbon Storage Study is a new addition to CGG’s continually growing GeoVerse™ Carbon Storage portfolio which already includes studies for the North Sea and US Gulf of Mexico. Developed by experts from CGG’s Carbon Storage, Geology and Data Hub teams, the data-rich studies provide a clear and reliable assessment of storage potential based on a proprietary quantitative and qualitative criteria-based screening methodology which assesses deep subsurface features and the above-ground context.
Dechun Lin, EVP Earth Data, CGG, said: “The release of this carbon storage screening study comes at a time of accelerated growth in the Southeast Asia CCUS market and will provide operators with accurate and critical subsurface information for rapid insight and decision-making. With this strategic addition to our growing portfolio of carbon storage screening studies, CGG is expanding its footprint and experience in all active CCUS hubs around the globe.”
Download a brochure about CGG’s Southeast Asia Carbon Storage Study here.
About CGG
CGG (www.cgg.com) is a global technology and HPC leader that provides data, products, services and solutions in Earth science, data science, sensing and monitoring. Our unique portfolio supports our clients in efficiently and responsibly solving complex digital, energy transition, natural resource, environmental, and infrastructure challenges for a more sustainable future. CGG employs around 3,400 people worldwide and is listed on the Euronext Paris SA (ISIN: 0013181864).
Contacts
| Group Communications & Investor Relations Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: christophe.barnini@cgg.com |
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