Bayu-Undan JV, Timor Gap sign MoU on CCS
SUMMARY
The Bayu-Undan CCS project aims to capture and store carbon dioxide emissions from various sources, potentially amounting to more than 10mn tonnes/year.
By Shardul SharmaSantos, its joint venture partners, and Timor-Leste's national oil company Timor Gap have signed a memorandum of understanding to develop the proposed Bayu-Undan carbon capture and storage (CCS) project offshore Timor-Leste, Santos announced on August 7.
The Bayu-Undan CCS project aims to capture and store carbon dioxide emissions from various sources, potentially amounting to more than 10mn tonnes/year. The project is positioned to provide carbon management services to the Asia Pacific region and can utilise existing infrastructure, making it a cost-competitive carbon solution, Santos said.
The MoU with Timor Gap includes sharing information about the Bayu-Undan CCS project and exploring potential partnership opportunities, which may involve equity participation for Timor Gap in the project.
The project is part of Santos' larger three-hub CCS strategy, which includes the Moomba CCS project, already in progress, aiming to store up to 1.7mn t/yr of CO2 starting in 2024.
The collaboration aims to reduce emissions and emissions intensity from Australian and Timor-Leste gas and LNG projects, as well as other hard-to-abate industries in the region.
The joint venture partners in the Bayu-Undan project are Santos (43.4% operated interest), SK E&S (25%), Inpex (11.4%), Eni (11%), and Tokyo Timor Sea Resources (9.2%).
