- Oil and gas giant Santos (STO) and leading science agency CSIRO will team up to further develop technology which removes and captures carbon dioxide from the atmosphere
- CSIRO’s Carbon Assist technology removes CO2 directly from air and other higher-concentration post-combustion scenarios
- Under the partnership, the tech will be deployed at STO’s South Australian site where its Moomba Carbon Capture Storage (CCS) Project is located
- It’s hoped the carbon can be safely stored at the ASX-20 lister’s $220 million CCS or turned into carbon-based products
- Santos is trading at $6.87 per share, up 0.37 per cent in mid-afternoon trade
Oil and gas giant Santos (STO) and leading science agency CSIRO will team up to further develop technology that removes and captures carbon dioxide from the atmosphere.
CSIRO has created its own Carbon Assist technology which essentially removes CO2 from the air and other higher-concentration post-combustion scenarios.
The science agency will trial its technology at STO’s South Australian site where its $220 million Moomba Carbon Capture Storage (CCS) Project is located.
The two parties are hoping the carbon can be safely stored at the ASX-20 lister’s CCS or turned into carbon-based products.
Santos Managing Director and CEO Kevin Gallagher said the announcement was in line with the Federal Government’s pledge to achieve net-zero emissions by 2050.
“This technology literally has the potential to negate emissions elsewhere in the economy, especially in hard-to-abate sectors that Australia still needs to manufacture essential everyday products,” Mr Gallagher said.
“With Moomba CCS having capacity to store up to 20 million tonnes of CO2 every year for 50 years, Moomba could be a large-scale, commercial CCS hub not only reducing Santos’ emissions, but helping to cost-effectively negate emissions elsewhere in the Australian economy.”
CSIRO Energy Director Marita Niemelae said she was hopeful the Carbon Assist technology would play a vital role in Australia’s transition to net-zero emissions.
“CSIRO has invested in CCS research for over 20 years, because of its potential for large-scale decarbonisation leading to emissions reduction and the creation of new industries,” Dr Niemelae said.
“As Australia’s energy transition catalyst, CSIRO is ensuring a pathway to secure, affordable, low-emissions energy for decades ahead.”
The announcement comes after fellow energy giants Woodside and BP agreed to progress feasibility studies for a large-scale CCS project in Western Australia.
Additionally, CSIRO will work with the Northern Territory Government to determine the business case for a CCS Hub at Middle Arm.
Santos is trading at $6.87 per share, up 0.37 per cent in mid-afternoon trade on Friday.