Australia opens up more acreage for offshore CCS

Spanish Market: Emissions, Natural gas
30/08/23

Australia has announced 10 new areas across seven basins in federal waters will be opened to carbon capture and storage (CCS) exploration as the government repositions itself in favour of the abatement technology.

The sites include key oil and gas producing regions offshore the states of Western Australia, Victoria and Tasmania that already host exploration and production activity. The areas have been chosen for their geology and carbon dioxide (CO2) storage potential, while minimising impacts to other marine users and the environment.

"Both (Australia's) Climate Change Authority and the International Energy Agency have said CCS will be an important technology to help the world achieve its climate goals," Australian resources minister Madeleine King said on 29 August.

Bidding for the acreage closes on 28 November.

CCS technology has been backed by Australia's upstream gas firms such as independent Santos, which is proposing to store 10mn t/yr of CO2 at its Bayu-Undan project in the Timor Sea. Santos' 1.7mn t/yr Moomba CCS project in the onshore Cooper basin in South Australia is targeting its first injection in early 2024.

Chevron's Gorgon CCS has sequestered more than 8mn t of CO2 equivalent since opening in 2019 but was operating at just a third of its nameplate 4mn t/yr capacity, Chevron said in May,

Australia's national science agency the Commonwealth Scientific and Industrial Research Organisation has recommended using CO2 stored to offset emissions from new gas projects in the north of the country to make certain e-fuels and other low-carbon products.

Australia allocated A$12mn ($7.8mn) in its 2023-24 federal budget to review the environmental management regime and examine ways to improve regulations to support offshore CCS projects.

The federal government is in the process of passing laws to ratify the 2009 London Protocol amendment, which allows for cross-border imports of CO2 for long-term undersea storage. The amendments to the Environment Protection (Sea Dumping) Act 1981 are currently before the nation's upper house of parliament, the Senate, after being passed in the lower house on 3 August.

By Tom Major

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15/01/25

US inflation gains, core prices ease in December

Houston, 15 January (Argus) — Headline inflation quickened to an annualized 2.9pc in December from a year earlier but core inflation slowed for the first time since August. The acceleration in the consumer price index (CPI) last month compared with 2.7pc in November, according to the Labor Department. Analysts surveyed by Trading Economics had forecast gains of 2.9pc. Core inflation, which excludes volatile food and energy, slowed to an annual 3.2pc from 3.3pc the prior month. It came in under analysts' forecasts of 3.3pc. Traders raised the probability the Federal Reserve will cut its target rate at the June meeting to about 66pc odds from about 58pc Tuesday, according to CME's FedWatch tool. The Fed in December penciled in two likely quarter-point cuts this year but strong job growth and signs of inflation reigniting have been pushing any likely move back later into the year. The energy index contracted by an annual 0.5pc in December, compared with a 3.2pc decline in November. The gasoline index fell by 3.4pc last month compared with an 8.1pc decline the prior month. Energy services rose by 3.3pc following a 2.8pc gain in November. Services less energy services, considered a core services measure, rose by an annual 4.4pc in December after a 4.6pc gain the prior month. Shelter costs rose by an annual 4.6pc following an annual 4.7pc gain the month prior. Food rose by 2.5pc after a 2.7pc gain. Transportation services rose by an annual 7.3pc in December. For the month, the CPI rose by 0.4pc following a 0.3pc gain in November that followed four months of 0.2pc gains. Energy rose by 2.6pc in December from the prior month, accounting for 40pc of the monthly headline gain, after rising by 0.2pc in November. Core inflation slowed to a monthly 0.2pc gain after four months of 0.3pc gains. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Inpex wins Norwegian offshore exploration licences

15/01/25

Inpex wins Norwegian offshore exploration licences

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New York to propose GHG market rules in 'coming months’

14/01/25

New York to propose GHG market rules in 'coming months’

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California GHG rulemaking hits speedbump

14/01/25

California GHG rulemaking hits speedbump

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EU air traffic growth threatens carbon budget: Study

14/01/25

EU air traffic growth threatens carbon budget: Study

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