Here we go - CCS traction with the feds
The bill before Parliament aims to provide further business certainty for project's like the Angel field.It will amend the existing sea dumping act to implement the 2009 and 2013 amendments to the London protocol.Last night, during the second reading and debate of the bill, federal resources minister Madeleine King said reaching net-zero would be "virtually impossible without carbon capture and storage"."Despite what many may think and have said, CCUS is in fact a proven technology," King told parliament."To put Australian CCUS projects in a competitive position and to back in our research efforts and unlock more private sector capital, it is imperative that we invest in our regulatory frameworks to ensure that they are fit for purpose."King said the legislation would ensure a "commercial pathway" for transboundary CCS projects.She was referring to Santos' Bayu-Undan gas field which is reaching end of life.In the offshore Bonaparte Basin, Santos is leading the charge for its rapidly depleting Bayu-Undan gas fields in the Timor Sea to store CO2 from its Barossa gas development along with third-party CO2.The field lies across Australian commonweal waters as well as Timor Leste waters.Front-end engineering design work to convert it into a carbon sequestration project is almost complete.The project is considered an "advanced development" by Geoscience Australia and is expected to begin injecting carbon from 2027."Revenue from the Bayu-Undan gas field, located in the Timor Sea about 500 kilometres north of Darwin, has been a major contributor to the economy of Timor-Leste over 16 years, but the Bayu-Undan reservoir is now depleted of that resource," minister King said."As a reservoir that safely held gas for millennia, it is eminently suitable to return to that role and hold gas, this time CO2, for further millennia."This government will always be a strong supporter of Timor-Leste's economic independence and resilience. It is therefore essential that our regulatory settings enable consideration of a commercial pathway for CCUS in the Bayu-Undan field."
Here we go - CCS traction with the fedsThe bill before...
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