Australian Energy Producers welcomes a major milestone for the proposed Bonaparte Carbon Capture and Storage (CCS) Project, with the Federal Government formally recognising the West Peron geological formation as suitable for greenhouse gas storage.
The INPEX-led project could permanently store up to 443 million tonnes of carbon dioxide over 35 years, helping establish the Bonaparte Basin as a major hub for carbon storage.
Australian Energy Producers Chief Executive Samantha McCulloch said the announcement was an important step towards unlocking Australia's vast carbon storage potential.
"CCS is a proven technology that will play a critical role in reducing emissions while supporting Australian industry, jobs and economic growth," Ms McCulloch said.
"Australia is already demonstrating the potential of large-scale CCS through Chevron's Gorgon project in Western Australia and Santos' Moomba project in South Australia, which have collectively stored millions of tonnes of carbon dioxide.
"Projects like Bonaparte will build on this progress, helping Australia leverage its world-class geological storage resources and industry expertise to reduce emissions while strengthening energy security at home and remaining a reliable energy supplier to the region.
"Australia has the potential to become a global leader in CCS, but realising this opportunity requires continued investment, timely regulatory approvals and the right policy settings to bring major projects from planning to delivery."
The announcement comes as Australia prepares to host the world's leading international conference on carbon capture, utilisation and storage, with more than 1,000 delegates from over 40 countries gathering in Perth for GHGT-18 from 26 October.
