Concurrent 9. Oral Presentation for: The framework and practice of CO₂ storage resources evaluation: Santos Moomba CCS Project CO₂ storage resources assessment

Abstract

Presented on Tuesday 16 May: Session 9

Carbon capture and storage (CCS) is an essential climate technology for achieving net-zero and carbon neutrality towards mid-century. CCS has been included in many countries’ long-term climate change strategy, including Australia’s. In November 2021, Santos and its JV partner announced a final investment decision to proceed with the US$165 million (A$220 million) Moomba CCS Project in South Australia, with start-up expected in 2024. The project is expected to store 1.7 million tonnes of CO₂ each year in depleted hydrocarbon reservoirs. As a low-cost early mover project, Santos forecasted a full lifecycle cost of less than US$24 per tonne of CO₂ including cash costs in operation of US$6–8 per tonne of CO₂. GaffneyCline carried out an audit of Santos’ estimates of storage resource and reserve, and reported the audited quantities according to the Society of Petroleum Engineers (SPE) CO₂ Storage Resources Management System (SRMS) for the project. An SRMS assessment comprises three main factors: Injectivity, Storage, and Containment. For the most mature classification of Capacity, SRMS also includes an assessment of commerciality. This paper will discuss the SRMS evaluation process for the Moomba Project, both the technical assessment and commercial assessment (including revenue from Emissions Reduction Fund). With the growing deployment of CCS, it is reasonable to expect that stock exchanges, investors, and governments will have increasing demand for storage resources data reporting and auditing. This paper will discuss implications for public and private institutions.

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