Australia, Korea to work on CCS projects
SUMMARY
Australian and South Korean entities have signed a memorandum of understanding to develop carbon dioxide storage facilities in Australia.
By Shardul SharmaPOSTED IN:
Australian and South Korean entities have signed a memorandum of understanding (MoU) to support and collaborate in the development of CO2 storage facilities in Australia, they said on February 28.
Australian energy company Santos, South Korea’s SK E&S, Korean CCUS Association (K-CCUS), Australia’s CO2CRC and Korea Trade Insurance Corporation have agreed to jointly develop carbon capture and storage (CCS) projects in Australia and the region, including Bayu-Undan in Timor Leste.
CCS at Bayu-Undan would have the potential capacity to safely and permanently store approximately 10mn metric tons/year of CO2.
Santos CEO Kevin Gallagher said the MoU highlights growing momentum and action to reduce carbon 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.”
Santos and SK E&S are partners in Barossa gas project and Darwin LNG.
"We look forward to progressing this partnership to develop and commercialise CCS projects in our region on our path to a lower-emissions future,” Gallagher said.
