BHP will lead a consortium to explore CCUS opportunities in Asia

BHP Group will lead a consortium of steelmakers and other industrial giants to explore carbon capture, utilization, and storage (CCUS) opportunities throughout Asia. This was announced in a company statement.

The industry consortium includes leading steel producers ArcelorMittal Nippon Steel India, JSW Steel, Hyundai Steel, as well as other value chain participants, along with BHP, Chevron, and Mitsui & Co. They will jointly conduct a preliminary feasibility study to identify potential large-scale carbon capture and storage projects.

According to the statement, the research will focus on identifying potential uses for captured CO2 in industrial processes or its transportation by pipelines or vessels to storage locations in Asia or Northern Australia.

The plan is for each study participant to be included in at least one hub. The initiative aims to develop conceptual development strategies for each hub, including cost and timeline assessments, as well as potential commercialization pathways.

Non-technical factors necessary for implementing CCUS hubs, such as regulatory assessments, will also be considered.

The consortium is open to new members. The study is expected to be completed by the end of 2026, with results to be published.

As Ben Ellis, BHP’s Vice President for Marketing and Sustainability, noted, more than 1 billion t of annual output in Asia comes from blast furnaces that are still at a relatively early stage in their production cycle. It is crucial for the industry to enhance decarbonization technologies for existing steelmaking assets while simultaneously developing new commercial pathways.

As a reminder, the United Kingdom announced an investment of £200 million ($272 million) in the Acorn carbon capture and storage (CCS) project in Scotland. The funding is part of the broader CCS support program, allocating £9.4 billion during the current budget review period and £21.7 billion over the next 25 years.