Santos has signed a memorandum of understanding (MOU) with four organisations concerning the research and development of carbon dioxide (CO2) storage facilities.
Santos, SK E&S, K-CCUS Association, CO2CRC and Korea Trade Insurance Corporation have signed MOU to support and collaborate in the development of several specialised CO2 storage facilities.
Through the agreement, the organisations have agreed to jointly develop carbon capture and storage (CCS) projects in Australia and the region, including Bayu-Undan in Timor Leste.
The agreement includes research and collaboration for accelerating technological advancements through fiend demonstrations at CO2CRC’s Otway International Test Centre in Australia.
According to Santos, CCS facilities at Bayu-Undan would have the potential capacity to safely and permanently store approximately 10 million tonnes of CO2 per annum.
Santos managing director and chief executive Kevin Gallagher said the MOU is revelatory of growing momentum and action to reduce CO2 emissions in the Asia Pacific.
“Increased deployment of carbon capture and storage is critical to achieve the world’s climate goals,” Gallagher said.
“This agreement opens the potential for broader bilateral partnership and cooperation on CCS between Australia and Korea.
“Already partners in the Barossa Gas Project and Darwin LNG, the agreement further strengthens the deep and expanding relationship between SK E&S and Santos.”
For more information visit the Santos website.
