The incumbent Federal government has been vocal on issues pertaining to climate change and have advocated Australia’s transition towards green energy and carbon neutrality. Under the budget session, the Morrison government had announced an additional funding commitment of over AU$539.2 million for hydrogen and Carbon capture and storage (CCS) technologies.
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CCS in Clean Energy Transitions
In fact, CCS technology has been identified among the five priority technologies under the 1st Low Emissions Technology Statement that was released last year, along with clean hydrogen, energy storage, low-carbon steel and aluminium and soil carbon. Altogether, the five priority technologies would require humongous investments over the decades with over AU$18 billion over the next 10 years in Australia.
Source: © Dariaren | Megapixl.com
The International Energy Agency (IEA) has identified CCS as the cheapest mitigation alternative or the only option necessary to reduce additional carbon emissions to meet climate goals by 2050. Despite the recognition of CCS, the commercial application of the technology is yet to take off.
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As per the IEA commentary published in February 2021, only 20 commercial Carbon capture and storage (CCS) have been deployed across the globe. In recent years, over 30 commercial CCS facilities have been announced. The pandemic has acted as a silent catalyst to the CCS sector as governments and the industry has committed more than US$4.5 billion to implement CCS.
PEP-11 – A Premium untested gas play in the vicinity of Australia’s largest gas market
Oil & Gas exploration company BPH Energy Ltd (ASX:BPH) and its partners have planned to evaluate the potential of geosequestration at the PEP-11 gas project in the offshore Sydney basin. Currently, BPH has been concentrating on the Baleen exploration program, which will identify the gas target and also assess the carbon capture and storage potential at the gas prospect.
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The PEP 11 gas project is considered one of the most significant untested gas exploration plays across Australia. BPH’s investee Advent owns an 85% stake in the PEP-11 gas project and a 100% stake in the onshore R1 project in the Bonaparte Basin.
Location of PEP 11 offshore Australia and location of Baleen well site (Source: BPH Announcement 15/09/21)
The exploration well program represents an opportunity to hold environmentally safe and reliable carbon capture and storage potential in the greater Sydney/Newcastle area. The gas project is strategically located in the region, which is responsible for over a third of Australia’s carbon dioxide emissions.
Leading CCS expert steering through PEP-11 CCS Opportunity
Advent Energy has appointed eminent Australian and international earth scientist, Professor Peter Cook, as the advisor on geosequestration. Professor Cook holds extensive exposure in the development and application of carbon capture and storage (CCS) technologies and has published more than 30 papers and articles on greenhouse gas technologies. He was an Intergovernmental Panel on Climate Change (IPCC) Co-ordinating Lead Author. He is responsible for highlighting the CCS opportunity in Australia and is also responsible for setting up national-level CCS programs and research facilities.
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BPH is a strong supporter of plans for Net Zero by 2050 and seeks to spearhead the transition from the front. The company plans to discover gas in the proximity of Australia’s biggest domestic energy market and also by exploring opportunities for CCS in offshore NSW.
