Santos secures Moomba CCS funding, first project phase 80% complete
Santos Ltd. has secured financing for its share of the $220 million Moomba carbon capture and storage (CCS) project in South Australia and said the first phase of the CCS project is now 80% complete.
The financing will be used to cover project costs incurred to date and to draw down upon as the project progresses to first injection targeted for mid-2024, the company said in a late February update.
The Moomba CCS project could safely and permanently store up to 1.7 million tpy of CO2 in depleted Cooper basin reservoirs (OGJ Online, Nov. 2, 2021).
The Cooper basin has a role to play in the energy evolution as it transforms into a decarbonization hub with the potential to produce low-carbon fuels and offer CCS services which could reduce emissions from critical fuels such as LNG and from hard-to-abate sectors such as steel, aluminum, and cement, the operator said.
Santos has recently signed a series of agreements with international third parties to evaluate the potential to capture, transport and sequester their emissions at Moomba (OGJ Online, Dec. 28, 2023).
