Santos 'books' first carbon storage

8th February 2022 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Oil and gas major Santos has booked 100-million tonnes of carbon storage resources in the Cooper basin, in South Australia, marking what the company believed to be the first booking globally in accordance with the CO2 Storage Resource Management System.

MD and CEO Kevin Gallagher said on Tuesday that the announcement of the storage capacity in the Cooper basin is a significant step in Santos’ decarbonisation pathway and carbon storage hub strategy.

“Carbon capture and storage (CCS) is a critical technology to achieve the world’s emission reduction goals and we only have to look at current carbon prices to see how valuable 100-million tonnes of storage is.

“Santos sees carbon dioxide storage capacity as a strategic competitive advantage in evolving cleaner energy, clean fuels and carbon markets. This globally significant carbon storage capacity booking is another tangible example of Santos leading the way in establishing the foundations to support the energy transition.”

The 100-million booking represents a subset of the total prospective storage resource in the Cooper basin and follows the final investment decision (FID) on the 1.7-million-tonne-a-year Moomba CCS project, announced in November 2021.

Santos on Tuesday also announced its yearly reserve statement, with the ASX-listed company noting that proved plus probable, or 2P, reserves increased by 80% to 1.676-billion barrels of oil equivalent at the end of 2021, primarily owing to the FID on the Barossa project and the Oil Search merger.