Santos is pleased to announce it has entered a non-binding agreement with BP that could lead to BP investing A$20 million in support of Santos’ Moomba carbon capture and storage (CCS) project in South Australia. This non-binding agreement is subject to finalization of terms and a final investment decision targeted for the end of 2020.
Santos has entered front end engineering design (FEED) for the Moomba CCS project. The project proposes to capture the 1.7 million tonnes of carbon dioxide currently separated from natural gas at the Moomba gas processing plant each year and to reinject it into the same geological formations that have safely and permanently held oil and gas in place for tens of millions of years.
Press Release Courtesy of Santos.