Concurrent 8. Presentation for: Australia well positioned to become a CCUS leader
Sohini Chatterjee A *A Rystad Energy, Oslo, Norway.
The APPEA Journal 62 - https://doi.org/10.1071/AJ21324
Published: 3 June 2022
Abstract
Presented on Tuesday 17 May: Session 8
Australia’s carbon capture, utilisation and storage (CCUS) sector could be set for fresh boost as oil and gas players are investing heavily in large-scale projects. In 2020, Australia emitted around 499 million tonnes of CO2-equivalent (CO2e). Country-wide, only 2.5 million tonnes of CO2 is captured and stored annually in the Gorgon CCUS project. Starting its CCUS journey on the wrong foot, Australia’s ambitious Gorgon project suffered from cost overruns, delays and much lower capture rates than planned. Nevertheless, 3 years after startup we now see renewed momentum on the back of significant budgetary support from the Federal Government, in addition to inclusion of CCUS projects in the Emissions Reduction Fund and Australian Carbon Credit Units (ACCU), which increased its value ever since. Large players are sizing up opportunities for CCUS in the country and to invest in research and development of next-generation CCUS as well as direct air capture technologies. Considering the vast CO2 storage potential in depleted oil and gas fields and saline aquifers, Rystad Energy have identified three potential storage hotspots in Australia: the northwestern hub, the mid-eastern hub and the southeastern hub. These storage hubs have a cumulative CO2 storage potential of 855 gigatonnes, that is located near to important industrial clusters and is sufficiently large, so it does not pose any barrier for CO2 storage.
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Keywords: capture, carbon, carbon dioxide, CCS, CCU, CCUS, CO2, credits, decarbonisation, energy transition, enhanced oil recovery, Gorgon, liquefied natural gas, LNG, storage, utilisation.
Sohini Chatterjee is an analyst where she handles research on global CCUS market trends including the supply-demand value chain, carbon policies encompassing pricing, incentives, funds, CCUS project landscape, levelized cost of CCS, CO2 capture technologies and players and sub surface sequestration of the carbon dioxide. She holds a master’s degree in applied Geological Sciences from Jadavpur University, India. |
