deepC Store, Azuli jointly bid for GHG storage area offshore Australia
SUMMARY
PGS Australia will provide geological and geophysical advisory services to the duo.
By Shardul SharmadeepC Store and Azuli have announced a collaborative venture to pursue and acquire greenhouse gas storage (GHG) acreages in offshore Australia, deepC said on December 14. The decision follows the recent release of offshore GHG storage acreages by the Australian government under the 2023 programme.
deepC Store and Azuli have taken a step further by entering into a letter of intent with PGS Australia. The intent is to forge a service-for-equity agreement that involves issuing shares to PGS in exchange for geological and geophysical advisory services.
Under the proposed agreement, PGS Australia will contribute its experience and knowledge in seismic interpretation and geological studies to support the development of high-resolution injection site modeling and simulation services.
