Santos books 100m tonnes CO2 storage

Santos Moomba

This resource is a subset of the total prospective storage in the basin and follows the final investment decision (FID) on the 1.7 million tonnes per annum (tpa) Moomba carbon capture and storage (CCS) project in November 2021.

Santos managing director and chief executive Kevin Gallagher said the announcement is a final step in the company’s decarbonisation pathway and carbon storage hub strategy.

“CCS is a critical technology to achieve the world’s emission reduction goals and we only have to look at current carbon prices to see how valuable 100 million tonnes of storage is,” said Gallagher.

“This globally significant carbon storage capacity booking is another tangible example of Santos leading the way in establishing the foundations to support the energy transition.”

The announcement was included in the release of the company’s Annual Reserve Statement.

Highlights of the statement revealed Santos’ 2P reserves increased by 80 per cent to 1,676 million barrels of oil equivalent (mmboe) at the end of 2021, primarily due to the final investment decision on the Barossa project and the Oil Search merger.

“Today’s statement is the result of Santos’ disciplined annual reserves process, which include external audit of approximately 94 per cent of total 2P reserves,” said Gallagher.

For more information visit the Santos website.

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