Santos, SK E&S team up to develop CCS projects in Australia

Australia’s LNG player Santos said it has signed a memorandum of understanding with South Korea’s SK E&S to develop CCS projects in Australia.

According to a statement on Monday, the two companies plan to support and collaborate in the development of carbon dioxide (CO2) storage facilities together with Korean CCUS Association, Australia’s CO2CRC, and Korea Trade Insurance Corporation.

Under the deal, the partners agreed to jointly develop carbon capture and storage (CCS) projects in Australia and the region, including Bayu-Undan in Timor Leste.

Kevin Gallagher, managing director and CEO of Santos, said the agreement opens the potential for broader bilateral partnership and cooperation on CCS between Australia and Korea.

Last year Santos said it had signed a memorandum of understanding to progress carbon capture and storage (CCS) at the Bayu-Undan field with Timor-Leste regulator Autoridade Nacional do Petróleo e Minerais (ANPM).

Gallagher said that CCS at Bayu-Undan would have the potential capacity to safely and permanently store about 10 million tonnes of carbon dioxide per annum.

According to Gallagher, the firm believes the Bayu-Undan reservoir and facilities have the potential to be “a world-leading CCS project.”

Santos has a 43.4 percent operating interest in Bayu-Undan, while SK E&S holds 25 percent.

Other partners include Inpex with 11.4 percent, Eni with 11 percent, and Tokyo Timor Sea Resources with 9.2 percent.

Besides Bayu-Undan, Santos and SK E&S are also partners in the Barossa development and Darwin LNG.

Most Popular

Shell names new Canada head

UK-based LNG giant Shell has named Stastia West as the new president and country chair for its Canadian business...

German FSRU terminal operator allocates 2025 regas slots

In December last year, DET allocated six regasification slots for the first quarter of 2025 at its FSRU-based terminals in Brunsbüttel and Wilhelmshaven 1.

TotalEnergies CEO expects US financing for Mozambique LNG to be approved in weeks

In May 2020, EXIM voted to amend the agency's previously approved September 2019 direct loan supporting US exports for...

More News Like This

TotalEnergies CEO says partners working hard on Papua LNG

TotalEnergies has a 37.55 percent operating stake in the Papua LNG project, ExxonMobil has 37.04 percent, Santos owns a...

Santos, Tamboran to study options for second Darwin LNG train

The partners jointly own the EP 161 acreage in the Beetaloo basin with Santos holding a 75 percent operating...

Santos: Barossa project 88.3 percent complete

Santos announced this in its fourth-quarter report on Thursday. The project was 83.5 percent complete as of October 31, 2024. In...

Santos seals long-term LNG supply deal with Japan’s Shizuoka Gas

Santos said on Thursday the long-term SPA will supply between 0.35 and 0.4 million tonnes per annum of LNG...