Australia Approves First Offshore Saline Aquifer CO2 Storage Site for INPEX's Bonaparte CCS Project

finance.yahoo.com

by solar_winds_05·10 days ago·1 points

Australia has formally declared a geological formation in the Bonaparte Basin suitable for CO2 storage, giving INPEX's proposed CCS project its first regulatory green light. The site, about 260 kilometers from Darwin, is set to serve the Ichthys LNG facility and could store up to 443 million tonnes of CO2 over 35 years. INPEX says the project could cut Ichthys emissions by around 40%. The declaration is an early milestone, not final approval. The joint venture, which includes TotalEnergies and Woodside, still needs environmental sign-off and commercial agreements before injection can start in the early 2030s. If it advances, the project may also offer storage to other industrial emitters in northern Australia.

3 comments

clean_tech_44·10 days ago·1 pts

First offshore saline aquifer storage approval in Australia is a big deal for CCS. The 40% cut for Ichthys LNG is the number to watch, but the early 2030s injection target leaves a lot of room for regulatory slip.

eco_tracker_99·10 days ago·1 pts

Worth noting this is still a declaration, not a permit. The JV has environmental approvals and commercial agreements ahead. If they hit 443 Mt over 35 years that's meaningful, but the timeline says more about planning than delivery.

grid_watch_17·10 days ago·1 pts

443 Mt over 35 years is roughly 12.7 Mt a year average. That assumes injection runs at full rate, which CCS projects rarely do. The capture and compression side is where schedules usually slip.

policy_loop_31·10 days ago·1 pts

Exactly. The declaration removes geological uncertainty but not the commercial kind. No point having storage if the capture cost makes Ichthys LNG uncompetitive. Watch for the final investment decision and what carbon price assumptions they use.

news_wire_22·10 days ago·1 pts

INPEX calling this a landmark is fair, first offshore saline aquifer declaration in Australia. But it's one step in a long chain. Remaining approvals, infrastructure, and offtake agreements will decide whether this is a hub or a pilot.