Energy Club

Northern Territory

Santos: MOU Signed on Bayu-Undan carbon capture and storage

15 Sep 2021 7:07 AM | Stephanie Berlin (Administrator)

Bayu-Undan Joint Venture and Timor-Leste’s ANPM sign MOU on Bayu-Undan Carbon Capture and Storage

Santos, as operator of the Bayu-Undan Joint Venture, today announced it had signed a Memorandum of Understanding (MOU) with the Timor-Leste regulator Autoridade Nacional do Petróleo e Minerais (ANPM) to progress Carbon Capture and Storage (CCS) at Bayu-Undan in the Timor Sea.

The MOU details the areas the Bayu-Undan Joint Venture and the ANPM, with the support of the Timor-Leste Government, will work on collaboratively to test the viability of repurposing the existing Bayu-Undan facilities and using the Bayu-Undan reservoir for CCS. These include sharing technical, operational and commercial information, assessing the regulatory framework, evaluating local capacity opportunities and establishing a decision timeline.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said: “We believe the Bayu-Undan reservoir and facilities have the potential to be a world-leading CCS project and we are delighted to be working together with the ANPM and the Timor-Leste Government to progress this opportunity.

“CCS is recognised by the International Energy Agency and the Intergovernmental Panel on Climate Change as being a critical technology to achieve the world’s climate goals. Santos’ experience with the globally-competitive Moomba CCS project in outback South Australia will bring invaluable experience to the project.

“CCS at Bayu-Undan has potential capacity to safely and permanently store approximately 10 million tonnes per annum of CO2 and could build a new job-creating and revenue-generating industry for Timor-Leste.

“This has the potential to be a win-win; good for the environment, good for industry and opening up an exciting opportunity for the people of Timor-Leste, so we look forward to progressing this MOU in partnership with the ANPM.”

ANPM President Florentino Soares Ferreira said: “This is a milestone for Timor-Leste. With the signing of the CCS MOU between Santos (representing its Joint Venture partners) and ANPM proves that Timor-Leste is proactively taking the lead in integrating its oil and gas sector towards Timor-Leste’s commitment of accelerating decarbonization and meeting the U.N. net zero target by 2050.

“Despite Timor-Leste being one of the lowest emission countries in the world, and that the Paris Agreement provides waiver or concession to the developing and less developed nations such as Timor-Leste; we understand that carbon trading or carbon credits market is an integral part of our future economy. We don’t want to miss this opportunity; and I believe this will become one of the largest CCS projects in the Southern Hemisphere. This will enable both Timor-Leste and Australia to exploit its untapped resources in meeting energy demands as well as offsetting its carbon emissions and transitioning towards carbon neutral economies.”

Santos has a 43.4% operated interest in Bayu-Undan. The remaining interest is held by SK E&S (25%), INPEX (11.4%), Eni (11%) and Tokyo Timor Sea Resources (9.2%)

Source: Santos Newsroom (www.santos.com)

Comments

  • 15 Sep 2021 9:07 PM | Opporma
    <a href=http://buypriligyhop.com/>priligy 30 mg</a>
    Link  •  Reply
  • 15 Sep 2021 10:35 PM | Priligy
    Where To Order Stendra 50mg
    Link  •  Reply
  • 15 Sep 2021 10:53 PM | buy hcq
    Buy Kamagra Jelly Online
    Link  •  Reply
  • 16 Sep 2021 1:35 AM | Phefode
    Link  •  
    Author
    Comment
     
  • 16 Sep 2021 7:50 AM | plaquenil dose
    Cialis 5 Mg Keine Wirkung
    Link  •  Reply
  • 16 Sep 2021 2:12 PM | Cacharori
    <a href=http://buylasixshop.com/>side effect of furosemide</a>
    Link  •  Reply

Energy Club NT is an Incorporated Association 

The information contained in this website is for general information purposes only. The information is provided by Energy Club NT Inc and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

Through this website you are able to link to other websites and files which may not be owned, authored or under the control of Energy Club NT Inc. We have no control over the nature, content and availability of other websites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.

Powered by Wild Apricot Membership Software