The Minister for Resources and Energy, Martin Ferguson AM MP, has announced details of the world's first commercial release of offshore areas designated specifically for the assessment of their greenhouse gas storage potential.
“Advancing storage technology and capacity is vital to the future of Australia's coal industry and to coal's future as part of the world's transition to cleaner energy pathways,” Ferguson said.
“It is also important for the oil and gas industry and our energy intensive industries. Projects such as Gorgon LNG in Western Australia have enormous potential to create jobs, exports and long-term economic growth at a time when we need it most, but CCS technology is crucial to its success.”
The initial release areas are located across five offshore basins adjacent to Victoria, South Australia, Western Australia and the Northern Territory.
"The release of 10 offshore areas for assessment of their commercially viable greenhouse gas storage formations provides industry with the opportunity to plan for CCS businesses in Australia as industrial CO2 streams become available for storage through the deployment of capture technologies over time."
According to the Minister, the announcement follows on from legislation for greenhouse gas storage last year, the Australian Government’s $500 million investment in low emissions coal technology, and its establishment of the Global Carbon Capture and Storage Institute to drive 20 CCS demonstration projects by 2020.
"The 10 greenhouse gas storage assessment areas being released today have been identified as having the best potential in terms of geological suitability and current industry needs and are underpinned by technical data from Geoscience Australia,” he said.