PERTH (miningweekly.com) – The federal government has called for the nominations of areas for the 2021 Greenhouse Gas Storage Acreage release, covering Commonwealth waters across Australia.
The release will provide companies the opportunity to explore for offshore greenhouse gas injection and storage locations.
Minister for Resources, Water and Northern Australia Keith Pitt said the 2021 Greenhouse Gas Storage Acreage release is a key component of the government’s strategy to support Australia’s resources sector and aid transition in global decarbonisation efforts.
“Carbon capture, use and storage (CCUS) projects will play an integral role in helping cut emissions, whilst supporting Australian industry and creating jobs,” Pitt said.
“The government is keen to accelerate the development of projects and offshore greenhouse gas storage offers a perfect investment opportunity. Australia has the right geology and storage basins and is well placed to become a world leader in geosequestration.
“As Australia and our major trading partners continue to use our valuable resources responsibly, further development in low emissions technology will strengthen Australia’s position as an energy superpower.
“The 2021 Greenhouse Gas Storage Acreage release will allow the initial exploration and scoping necessary for industry to take long-term investment decisions in this critical field,” Pitt said.
The Minister told delegates at the Australian Petroleum Production and Exploration Association (Appea) conference that the acreage release would support the recently announced government initiatives to accelerate the deployment of CCUS, including A$264-million to support the development of CCS/CCUS projects and hubs, an Emissions Reduction Fund method for CCS, expected in the third quarter of this year, and broadening of the Australian Renewable Energy Agency’s remit to support early-stage research and development and innovation funding for CCS and CCUS projects going forward.
CCS technologies are one of five priority areas for investment under the government’s Technology Investment Roadmap, with new funding measures available.
All areas in the 2021 Greenhouse Gas Storage Acreage release are based on industry nominations and will be subject to a comprehensive public consultation process.