Oil and Gas News

Buru receives $7 million government grant

Buru Energy has received a $7 million Commonwealth Government grant for a feasibility study of a greenhouse gas (GHG) storage project in Carnarvon Basin.

The company will receive the funding over a three-year period. It will be used to evaluate the GHG storage potential of several reservoirs in the onshore Carnarvon basin, including those in the vicinity of its L20-1 petroleum permit application area.

If the carbon capture project is successful, it will help reduce emissions in the area and support the Australian government’s initiative toward clean energy usage in Western Australia.

Buru is also confident that it is a cheaper and more robust alternative compared to other storage methods, including storing the GHG in an offshore depleted oil fields.

Geovault, Buru’s wholly owned subsidiary, has been liaising with the government to ensure that the right legislation is in place so that this geological storage project, and others like it, will be able to go ahead.

“We are obviously delighted that our Geovault business has been recognised by the Government as being a leader in the field of onshore geological GHG storage,” Eric Streitberg, Buru executive chairman, said.

“The success of Geovault will not only substantially assist in the achievement of the Government’s goals of emissions reduction, but it is also a potentially major business opportunity for the company.”

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