Offshore staff
OSLO, Norway — deepC Store and Azuli (Australia) have agreed to pursue CO2 storage acreage acquisitions offshore Australia.
They also have a letter of intent with PGS Australia concerning a service-for-equity agreement under which they would issue shares to PGS, in exchange for the latter PGS performing geological and geophysical advisory services.
deepC Store and Azuli have jointly bid for greenhouse gas (GHG) assessment permits released by the Australian Commonwealth Government under its 2023 offshore GHG storage acreage release.
PGS will deliver its full seismic interpretation service combined with knowledge from geological and geophysical studies. These will support high-resolution injection site modeling and simulation services.
deepC Store Managing Director Daein Cha said, “Australia has potential CO2 storage capacity of 434 billion metric tons with 73% of the storage residing offshore…equivalent to ~870 years’ of Australia’s net emissions.”
Azuli Managing Director Hamish Wilson added, “Azuli considers these greenhouse gas license areas as far-reaching, high-quality opportunities that can support material standalone carbon capture and storage developments.
“We are pleased to be working with deepC Store on this offshore venture, which will provide a viable CO2 sequestration option for Australian emissions for major industrial companies such as fertiliser, cement and steel making.
“We also believe that Australia will play an important role in enabling Japan and Korea’s decarbonization plans imperative in achieving net zero by 2050. This will be enabled through shipping transboundary CO2 imports to a number of floating storage and injection (FSI) facilities in Commonwealth waters.”
12.15.2023
