Santos joins Korean partners in CCS
PERTH (miningweekly.com) – Oil and gas major Santos has inked a memorandum of understanding (MoU) with a number of Korean partners to jointly develop carbon capture and storage (CCS) projects.
Santos, along with SK E&S, K-CCUS Association, CO2CRC and Korea Trade Insurance Corporation have signed the MoU to support and collaborate in the development of carbon dioxide (CO2) storage facilities in Australia and the region, including Bayu-Undan in Timor Leste.
CCS at Bayu-Undan would have the potential capacity to safely and permanently store approximately 10-million tonnes of CO2 a year, Santos told shareholders.
Santos MD and CEO Kevin Gallagher said the MoU highlights growing momentum and action to reduce carbon emissions in the Asia Pacific.
“Increased deployment of CCS is critical to achieve the world’s climate goals. This agreement opens the potential for broader bilateral partnership and cooperation on CCS between Australia and Korea.
“Already partners in the Barossa gas project and Darwin liquefied natural gas, the agreement further strengthens the deep and expanding relationship between SK E&S and Santos,” said Gallagher.
“We look forward to progressing this partnership to develop and commercialise CCS projects in our region on our path to a lower-emissions future.”
Santos is in the midst of developing its A$220-million Moomba CCS project, in South Australia, with startup expected in 2024. The project will have a 1.7-million-tonne-a-year capacity.
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