Securing Regional Energy Security towards Energy Transition through CCS/CCUS innovation

Date : 24 August 2023

Location : Nusa Dua Hall 5
Securing Regional Energy Security towards Energy Transition through CCS/CCUS innovation

According to ASEAN Oil and Gas updates 2021 by ASEAN Centre for Energy (ACE), oil production was declining and was considered to be at the lowest point in the last decade. The same thing happens for gas, its production is declining and total proven that gas reserves were decreasing compared to 2010 levels. This condition also worsening by the under-performance of several oil new wells Meanwhile, according to the 7th ASEAN Energy Outlook (AEO7), in the Baseline Scenario the Total Primary Energy Supply (TPES) in 2050 is projected to increase 4 times compared to 2020 level. The share of oil and gas are projected to increase as well, from 33% in 2020 to 43% in 2050 for oil; and 22% to 23% in the same period for gas. ASEAN started to be the oil net importer since beginning of 2000, and projected to be the net importer of gas in the mid of 2020 – 2030, according to the AEO7. This condition should lead to new discoveries of new-well, diversify the source of energy (energy transition) and develop several low-carbon technologies, such as Carbon Capture, Utilisastion and Storage (CCUS) that could improve the mature well and increase the supply by Enhanced Oil/Gas Recovery. The oil and gas industry, with substantial capital and development resources, has capability to develop CCUS. Together with the government and other stakeholders, they can provide significant progress in CCUS through the creation of feasible business models for large-scale investment in energy sector. Reducing imported fossil fuel consumption and increasing domestic energy use will certainly contribute to maintaining regional energy security.