Australian energy company Santos will collaborate with CO2CRC and three South Korean energy firms to accelerate development of carbon dioxide (CO2) storage facilities in Australia and other areas of the Asia Pacific (APAC region), including Bayu-Undan in Timor Leste.
The companies – SK E&S, K-CCUS Association and Korea Trade Insurance Corporation – have signed a Memorandum of Understanding (MoU) alongside Santos and CO2CRC to explore the potential of carbon capture and storage (CCS).
Approximately 10m tonnes of CO2 per year could be permanently stored at Bayu-Undan through CCS – technology that could be critical to achieving the world’s climate goals, according to Kevin Gallagher, Managing Director, CEO, Santos.
“This agreement opens the potential for broader bilateral partnership and cooperation on CCS between Australia and Korea,” he added.
Recognising K-CCUS as an ‘important partner’ in advancing break-through low emission technologies is a key aspect of the deal for CO2CRC.
Matthis Raab, Chief Executive, CO2CRC, commented on the agreement, stating, “It provides an opportunity to jointly prototype, demonstrate and upscale technology breakthroughs as required by Korea’s 2050 Carbon Neutral Technology Roadmap and Australia’s Low Emission Technology Investment Roadmap to achieve net zero emissions by 2050.”