Marine geophysics firm PGS ASA (PGS) and carbon capture and storage (CCS) project developer deepC Store (DCS) are working together to develop Australia’s offshore carbon storage potential.

Agreed via a Letter of Intent (LoI), the collaboration will see PGS providing geological and geophysical advice on projects that will be developed and operated by DCS. 

Stating that the LoI expands the PGS New Energy business beyond Europe, Berit Osnes, EVPS New Energy, PGS, added, “Stakeholders in the Asia Pacific region are increasing their focus on CCS as a key contributor to their net-zero ambitions.” 

The deal also provides DCS with an opportunity to expand its business in the APAC region. 

“We look forward to seeking PGS’s expertise and securing reliable CO2 storage sites in Australia,” said Daein Cha, Managing Director, CEO, DCS.

DCS has recently worked with Japanese steel manufacturer Nippon Steel to decarbonise its manufacturing process.