Santos Secures Carbon Capture Grant

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Santos has secured a A$15 million (US$11.6 million) grant from the Australian government to help fund development of its Moomba carbon capture and storage (CCS) project in the state of South Australia. The Australian independent oil and gas producer intends to sanction Moomba in the second half of this year if the project qualifies for carbon credits. Injection of carbon dioxide could then start as early as 2024. Santos could use Moomba to offset emissions associated with development of the Barossa offshore field, whose gas has a CO2 content of 19%. Barossa -- located off Australia's northern coast -- was sanctioned earlier this year and its gas will be used to supply the Darwin LNG plant (IOD Mar.30'21). Santos has touted Moomba as one of the lowest-cost and largest CCS projects in the world. It says it can capture and store CO2 for A$25-A$30/ton. Santos also estimates that the A$210 million project will store 1.7 million tons/yr of CO2 through to 2050.

Carbon Capture (CCS), Corporate Strategy
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