Australian energy companies Santos and Beach Energy are to proceed with the Moomba carbon capture and storage (CCS) project in South Australia following a final investment decision (FID).
Registered with the Clean Energy Regulator, the $165m project will qualify for Australian Carbon Credit Units over its crediting period of 25 years, allowing for emissions reduction.
Stating the project is set to be one of the ‘biggest and lowest cost in the world’, Kevin Gallagher, CEO, Managing Director, Santos, said, “It will safely and permanently store 1.7m tonnes of carbon dioxide (CO2) per year in the same reservoirs that held oil and gas in place for tens of millions of years.”
With first injection set for 2024, Gallagher forecasts a full lifecycle cost of less than $24 per tonne of CO2 including cash costs in operation of $6-8 per tonne of CO2.
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