Santos and TIMOR GAP Collaborate on Bayu-Undan CCS Project in the Timor Sea
Global energy company Santos and Timor-Leste’s national oil company TIMOR GAP have joined forces to explore potential opportunities for the Bayu-Undan carbon capture and storage (CCS) project in the Timor Sea. This partnership aims to leverage the expertise and resources of both companies to develop a cost-effective solution that addresses carbon emissions.
The recently signed memorandum of understanding (MoU) solidifies the commitment of Santos and TIMOR GAP to cooperate on the Bayu-Undan CCS project. The project has already secured four non-binding MoUs for the supply of emitted CO2, indicating significant demand for carbon storage of over 10 million metric tons annually.
Under the terms of the MoU, Santos and TIMOR GAP will exchange crucial information related to the Bayu-Undan CCS project. Additionally, they will explore the possibility of TIMOR GAP acquiring equity participation in the project. This collaboration opens up avenues for shared expertise and resources, enhancing the project’s potential for success.
One of the key strengths of the proposed Bayu-Undan CCS development lies in its scalability and utilization of existing subsea pipelines and offshore infrastructure. This advantage positions the project to provide a cost-competitive carbon solution. Moreover, the storage reservoirs, which previously held gas and condensate, offer secure and permanent carbon dioxide storage due to their geological characteristics.
An important aspect of the Bayu-Undan CCS project is its potential to contribute to reducing emissions from gas and LNG projects in both Australia and Timor-Leste. By adopting this initiative, surrounding industries in the region can also benefit from lowered absolute emissions and emissions intensity, fostering a more sustainable future.
The collaboration between Santos and TIMOR GAP in exploring the Bayu-Undan CCS project demonstrates a commitment to finding innovative solutions to combat climate change. By leveraging their combined knowledge and experience, both companies are working towards a shared goal of reducing carbon emissions and promoting environmental sustainability.
As Santos and TIMOR GAP continue to progress in their partnership, the global community eagerly awaits updates on the development of the Bayu-Undan CCS project. This important undertaking has the potential to not only provide an effective carbon solution but also contribute to a greener future for the energy industry and beyond.
Source: [Santos and TIMOR GAP Partner for Bayu-Undan CCS Project in Timor Sea]
