Survey finds strong support for CCUS across the hydrocarbon processing sector
A survey conducted by Gulf Energy Information has revealed that 84% of 145 respondents in the hydrocarbon industry expect carbon capture, utilization and storage (CCUS) will be a mainstay of their industry. In addition, almost two thirds of respondents identified hydrocarbon processing plants, including refineries, as being most suited for CCUS deployment.
The survey was commissioned by Carbon Clean, a global leader in cost-effective carbon capture solutions, with respondents coming from a variety of sectors including refining, petrochemical, gas processing, LNG, and engineering.
Decarbonization is of growing importance to these sectors, with just over 90% of respondents saying the reduction of carbon emissions is either a top three priority or an increasing priority within their business. CCUS will play an important role in delivering these decarbonization ambitions – almost a third (32%) plan to install a CCUS solution in the next one to three years and 56% plan to install a CCUS solution over the next decade.
It is widely acknowledged that CCUS is crucial to achieving global net zero targets, but the pace of deployment must increase rapidly. The survey reveals that a full-service offering – where carbon capture, transport and storage are provided as a service and clients pay per ton of carbon capture – is likely to have the biggest impact on demand for CCUS. Over 31% of respondents say it would make carbon capture attractive to their business. The provision of utilization and storage options, a change in regulations/carbon taxes and decrease in cost were also selected as key factors impacting the appeal of CCUS.
Aniruddha Sharma, Chair and CEO of Carbon Clean said:
“The survey shows that the refinery and petrochemical industries are ready to play their part in delivering net zero and that they recognize the importance of CCUS as a means of achieving this. Urgent action is necessary and these sectors are incredibly well placed to benefit from CCUS, so it’s great to see over half of those surveyed expect to install a CCUS solution in the next ten years.
“Our modular technology, CycloneCC, is overcoming the traditional barriers to widespread deployment – cost and space. While our carbon capture as a service (CCaaS) model, that is of huge interest to companies, will also make carbon capture simpler than ever before.”
The survey identifies Europe and the US as the regions in which CCUS deployment will increase the most in the future, and 80% of respondents wanted to know more about the technology and were interested in exploring CCUS for their business.
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