Santos eyes final approval for giant CCS project - News for the Oil and Gas Sector
energyvoice.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from energyvoice.com Daily Mail and Mail on Sunday newspapers.
A carbon target would be a boost for the bush
afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
Santos mulls FID on Australian CCS
Apr 16, 2021 5:26:pm
Summary
by: Daniel Graeber
Posted in:
Santos mulls FID on Australian CCS
The chair of Australian energy company Santos said April 15 the company planned by year’s end to make a final investment decision (FID) on a carbon capture and storage (CCS) facility that it said would be amongst the largest in the world.
Keith Spence told shareholders during the company’s annual general meeting that its US$155mn Moomba CCS project could move forward once new legislation comes through from the federal government in Canberra.
“The 1.7 million tonne per annum project is waiting on a methodology to be approved under the Clean Energy Regulator’s framework so that CCS projects can generate Australian Carbon Credit Units,” he said. “We anticipate this will be in place by September this year, paving the way for what will be the second-largest, and the lowest-cost, CCS project in the world.”
“The assurance that we have is that this will be in place by September this year.”
Santos chief executive Kevin Gallagher added that an approved methodology for CCS projects to generate ACCUs was essential to ensuring the economics of the project stacked up, noting that the cost of abatement was still estimated at A$20 to A$30 (US$15.43 to US$23.15) per tonne.
Competitive advantage
Gallagher added that he believed the company had a “unique competitive advantage for CCS in the Cooper basin”, which he said set Santos apart from its peers.
“We already have a relatively pure CO
2 stream at Moomba, meaning much of our carbon is already separated and doesn t require the technology that is needed for post-combustion capture,” he explained.