Santos has signed agreements with four potential customers for CO₂ storage at the Bayu-Undan carbon capture and storage (CCS) project offshore Timor-Leste.
The Australian energy company has executed the deals with potential upstream gas and liquefied natural gas projects offshore the Northern Territory and in Darwin, and a South Korean energy and industrial conglomerate.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe agreements indicate that the demand for CO₂ storage at Bayu-Undan CCS could well be over ten million tonnes per year.
Santos managing director and CEO Kevin Gallagher said: “Increased deployment of CCS is critical to achieve the world’s climate goals and executing these MoUs demonstrates the strong underlying demand for CCS and the broad acceptance of CCS as a decarbonisation strategy.
“With CO₂ transport and storage demand only likely to grow, we will continue to work with the Timor-Leste and Australian Governments to urgently progress the necessary regulatory and fiscal frameworks and approvals required to support the development of Bayu-Undan CCS.”
The Bayu-Undan CCS project is situated within Santos’ Darwin and Bayu-Undan Hub, which is part of the company’s three-hub CCS strategy.
The strategy includes the under-construction Moomba CCS project, which is 60% complete. First injection at Moomba CCS is due to take place in 2024.
Bayu-Undan CCS will be offering permanent CO₂ storage in depleted gas reservoirs. The Australian energy company is expected to make a final investment decision on Bayu-Undan CCS in 2025.
