SANTOS has signed a Memorandum of Understanding with SK E&S, K-CCUS Association, CO2CRC and Korea Trade Insurance Corporation to support the development of new carbon capture and storage (CCS) facilities.
The collaboration will allow the partners to work on development projects in Australia and neighboring regions, including the CCS Bayu-Undan de Santos development project located off the coast of Timor-Leste.
Last September, Santos signed an agreement with Timor-Leste regulator Autoridade Nacional do Petróleo e Minerais (ANPM) to advance the use of the Bayu-Undan site for CO2 storage room. The site would have a storage capacity of approximately 10 million t/year of CO2. This week, Santos announced that the FEED phase has begun for the proposed CCS project.
Kevin Gallagher, CEO of Santos, said: “Located in Timor-Leste with potential for CO2 Sourced from Australian gas projects and other industries in the Northern Territory, Bayu-Undan CCS could be the start of a valuable new carbon services industry for Timor-Leste. This would create new jobs and a new source of income for the country once gas production from Bayu-Undan ceases.
Speaking on the new Memorandum of Understanding with Korean partners, Gallagher said: “Expanded deployment of carbon capture and storage is essential to achieving global climate goals. This agreement opens up the possibility of 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 growing relationship between SK E&S and Santos. We look forward to advancing this partnership to develop and commercialize CCS projects in our region.”
The MoU includes research collaboration and accelerating technology advancements through field demonstrations at CO2CRC’s Otway International Test Center in Australia.
Matthias Raab, Managing Director of CO2CRC, said: “This MoU recognizes K-CCUS as an important partner in advancing breakthrough low-emission technologies, aided by Australia’s International Partnership Program. It provides an opportunity to jointly prototype, demonstrate and scale technological breakthroughs, as required by Korea’s Roadmap to Carbon Neutrality 2050 and Australia’s Roadmap for Investments in Sustainable Technologies. low emissions to achieve net zero emissions by 2050.
“The combination of expert researchers and the involvement of Korean and Australian industry will accelerate technology development and utilize Australia’s unique research infrastructure at CO2CRC’s Otway International Test Center. Opportunities include commercially relevant demonstrations by improving carbon capture and storage technologies, as well as converting carbon to products and direct air capture with significant carbon storage.
Yi Kyun Kwon, General Manager of K-CCUS, said, “The collaboration between K-CCUS and CO2CRC will not only enable us to further develop research and technologies for CCUS, but also establish mutual exchange programs. for industry and researchers to build organizational capacity and interpersonal connections and learning through direct experience and demonstration of projects. Exploring CCUS-based international networks and solutions for countries with limited geological storage, such as Korea, will help further combat climate change.