Santos Announces Final Investment Decision on Moomba CCS Project
1st November 2021
Santos and Beach Energy have announced a final investment decision to proceed with the Moomba carbon capture and storage (CCS) project in South Australia. Santos CEO, Kevin Gallagher, said the investment decision was an important milestone in the company's plan to achieve net-zero scope 1 and 2 emissions by 2040.
The project will capture 1.7 million tonnes of CO2 per year with start-up expected in 2024. The project has been registered with the Clean Energy Regulator in order to earn Australian Carbon Credit Units (ACCUs) per tonne of CO2 stored under the Emissions Reduction Fund. Mr Gallagher said Santos expected a full lifecycle cost of less than $24 per tonne of CO2.
“This decision is a critical step in decarbonising natural gas on our path to new low-emissions and clean-burning fuels such as hydrogen," said Mr Gallagher.