Santos, a member of CO2CRC, along with joint venture partner Beach Energy announced a final investment decision of AUD$220 million in the Moomba carbon capture and storage (CCS) project. The project is expected to start in 2024 and will store 1.7 million tonnes of carbon dioxide per year.
CO2CRC congratulates Santos on their leading role in driving emissions reduction and decarbonising natural gas production with CCS.
“This is an excellent example of industry moving quickly and confidently once the right policies and incentives are in place. The Clean Energy Regulator’s development of the methodology for CCS to receive Australian Carbon Credit Units (ACCUs) has provided the policy basis allowing industry to invest in CCS projects in Australia.” said, Dr. Matthias Raab, CEO of CO2CRC.
The speed at which Santos was able to make their FID and then the ambition for CO2 storage to begin in 2024, shows that industry is investing to reduce their emissions at scale.”
“The Moomba CCS project is a great example of a project that will directly deal with emissions, rather than purchasing offsets. CCS is a technology that can be deployed today and is an essential low emission technology needed to achieve emission reduction targets and Santos is playing a leading role in helping to drive the deployment of CCS.”
“The support of the South Australian Government’s pragmatic and adaptive regulations on CCS has also been vital to allowing industry to see a clear regulatory pathway forward and this has allowed timely implementation.
“By 2024, Australia will have two of the largest CCS projects in the world and with other projects such as the CarbonNet Project in Victoria and CTSCo Project in Queensland in development, Australia will be an example of how the correct combination of policies, regulations, and technology solutions can reduce emissions at scale.” he said
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