Australian Energy Producers CEO, Samantha McCulloch, said the announcement by Industry and Innovation Minister, Tim Ayres, was welcome recognition of the essential role of CCS in driving large scale emissions reductions in Australia and the wider region.
“The granting of Major Project Status to the Bonaparte CCS project recognises that CCS is a key technology in driving progress to net zero, and of Australia’s role as a global leader in this proven technology,” Samantha McCulloch added.
“Australia has a comparative advantage in CCS, with world class geology, industry experience, and strong links with regional trading partners looking to collaborate on CCS.”
Australia already hosts two of the world’s largest operational CCS projects, Chevron’s Gorgon and Santos–Beach Energy’s Moomba projects, which together store the equivalent of taking 1 million cars off the road every year.
According to a Net Zero Australia study, Australia will need between 2 and 20 Moomba scale CCS projects to be built each year between now and 2050 to reach net zero.
“CCS is essential for achieving climate goals, with the International Energy Agency (EIA), the Intergovernmental Panel on Climate Change, and CSIRO all clear that there is no pathway to net zero without CCS,” continued Samantha McCulloch. “CCS is particularly important for manufacturing because without it, industries like fertilizer, chemical production, steel, bricks, and cement will find it harder and more expensive to reach net zero. CCS is delivering significant emissions reductions in Australia today, and the oil and gas sector stands ready to work with other industries to deliver real emissions reductions.”
Australian Energy Producers NT Director, David Slama, stated: “This proposed project has the potential to be a game-changer for the northern territory, bringing new jobs, investment, and emissions reduction opportunities. It underscores the importance of the oil and gas industry to the territory’s long-term economic growth and energy security.”