New offshore greenhouse gas storage acreage to help lower emissions
The Australian Government has approved the first two new offshore greenhouse gas storage areas since 2014, providing Australian industry with new opportunities for carbon capture and storage and helping Australia to achieve its target to lower emissions by 43 per cent by 2030.
Minister for Resources and Northern Australia Madeleine King said greenhouse gas storage permits have been awarded to two areas offshore of the Northern Territory and Western Australia.
The permits are for a joint venture between INPEX, Woodside Energy and TotalEnergies for area G-7-AP over GHG21-1 in the Bonaparte Basin, and for Woodside Energy for area G-8-AP over GHG21-3 in the Browse Basin.
Minister King will shortly finalise the award of all five new offshore greenhouse gas storage permits under the 2021 offshore Greenhouse Gas Storage Acreage Release.
“Carbon Capture and Storage has a vital role to play to help Australia meet its net zero targets. Australia is ideally placed to become a world leader in this emerging industry, with large, stable offshore geological formations for greenhouse gas storage,” Minister King said.
“The award of G-7-AP is one of two acreage permits awarded in the past eight years and will help make a Darwin Carbon Capture use and Storage Hub a reality. This directly supports development, job creation and economic security across Northern Australia.”
Minister King said she would announce the release of a 2022 offshore greenhouse gas storage acreage later this year.
“Australia has the capacity to continue to be an energy export leader, at the same time as developing a domestic offshore carbon capture and storage (CCS) industry. CCS is a safe, key proven technology that can support the petroleum sector in its low carbon transition,” Minister King said.
“As we continue to take action to reduce emissions, I will work to ensure Australia remains an attractive destination for investment while maintaining our position as a world leader in the resources sector.”
Further details on the 2021 Offshore Greenhouse Gas Storage Acreage Release can be found here.