Ministers for the Department of Industry, Science and Resources
The Australian Government has declared West Peron an identified greenhouse gas (GHG) storage formation for the proposed Bonaparte Carbon Capture and Storage (CCS) Project.
The declaration recognises West Peron as part of a geological formation deep beneath the seabed suitable for the safe, permanent storage of carbon dioxide and marks an important step towards developing a major carbon storage project in the Bonaparte Basin to support industrial emissions reduction.
INPEX proposes to permanently store up to 443 million tonnes of carbon dioxide (CO2) in the West Peron formation with injection occurring over a period of up to 35 years.
Minister for Resources and Northern Australia Madeleine King said the approval was a significant milestone for the project.
"This declaration is an important first step for the Bonaparte CCS Project and demonstrates the Australian Government's support for technologies that help reduce emissions," Minister King said.
"Carbon capture and storage will play an important role in reducing emissions from hard-to-abate industries, supporting Australia's transition to net zero.”
Subject to necessary regulatory approvals, the Bonaparte CCS Project is expected to initially store CO2 from Ichthys LNG and has the potential to support multiple industrial facilities.
The project has the potential to establish the Bonaparte Basin as a major long-term carbon storage hub supporting regional jobs, investment and economic growth.
"The Bonaparte Basin has the potential to become an internationally significant carbon storage hub that supports industry decarbonisation, regional jobs and long-term economic growth," Minister King said.
"Projects like Bonaparte CCS can help deliver the emissions reductions needed to meet our climate goals while supporting continued industrial development and investment."