The Federal Government has approved two new offshore greenhouse gas storage areas in an effort to provide Australia with new opportunities for carbon capture and storage.
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.
The award of all five new offshore greenhouse gas storage permits will be finalised soon under the 2021 offshore Greenhouse Gas Storage Acreage Release.
Federal Minister for Resources and Northern Australia, Madeleine King, said 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,” Ms 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.”
Ms 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,” Ms King said.
“CCS is a safe, key proven technology that can support the petroleum sector in its low carbon transition.
“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.”