Santos books Cooper basin CO2 storage capacity

Feb. 8, 2022
Santos Ltd. has booked 100 million tonnes of CO2 storage resource in the Cooper basin in South Australia, a “significant step” in the oil and gas company’s decarbonization and carbon storage hub strategy, the chief executive said.

Santos Ltd. has booked 100 million tonnes of CO2 storage resource in the Cooper basin in South Australia, a “significant step” in the oil and gas company’s decarbonization and carbon storage hub strategy, said Managing Director and Chief Executive Officer Kevin Gallagher in a release Feb. 8.

The capacity if a subset of the total prospective storage resource in the basin and follows the final investment decision on the 1.7-million tonne/year Moomba carbon capture and storage (CCS) project in November 2021 (OGJ Online, Nov. 2, 2021).

The company believes the booking is the first in accordance with the CO2 Storage Resource Management System (SRMS) sponsored by the Society of Petroleum Engineers.

“Santos sees CO2 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 announcement forms part of the release of Santos’ Annual Reserves Statement. Proved plus probable (2P) reserves increased 80% to 1,676 MMboe to end 2021, primarily due to the final investment decision on the Barossa gas-condensate project and the Oil Search merger (OGJ Online, Mar. 30, 2021; Sept. 10, 2021).