Santos announced today that the company and its project partner Beach Energy, has been awarded a A$15 million grant from the Australian Government’s Carbon Capture Use and Storage Development Fund. (Logo quoted from Yahoo’s image)

The grant is recognition of the national and international significance of the ~A$210 million Moomba carbon capture and storage (CCS) project in outback South Australia which will safely and permanently store 1.7 million tonnes of carbon dioxide (CO2) per year with capacity for up to 20 million tonnes annually across the Cooper Basin.

The project will achieve the Fund’s objectives by reducing emissions in the natural gas sector and establishing facilities that could, in the future, bring together a network of greenhouse gas emitters enabling reductions in costs and risks for CCS projects and large-scale abatement.

Santos Chief Executive Officer and Managing Director Kevin Gallagher said the project will also be one of the lowest-cost projects in the world at A$25-30 per tonne, driving towards the Australian Government’s stretch goal to compress, transport and store CO2 for less than A$20 per tonne.

(IRuniverse)