Oil and Gas News

BP, Santos achieve carbon agreement

An agreement has been entered by BP and Santos that could lead to a $20 million investment from the British major in support of the Australian company’s Moomba carbon capture and storage (CSS) project in South Australia.

However, the non-binding agreement is subject to finalisation of terms and a final investment decision is targeted for the end of 2020.

Santos has announced it has started front-end engineering design (FEED) for the Moomba CCS project in the Cooper Basin.

The project aims to capture the 1.7 million tonnes of carbon dioxide currently separated from natural gas at the Moomba gas processing plant each year, and to re-inject it into the same geological formations that have safely and permanently held oil and gas in place for tens of millions of years.

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