DeepC Store and Azuli, specialist carbon capture and storage (CCS) developers, have been awarded two greenhouse gas (GHG) assessment acreages in the Bonaparte and Browse basins off the coast of Australia.
The partners also signed a joint study agreement for a strategic partnership with J-POWER, a Japanese Government-owned company that plans to join as a participant in the GHG acreages.
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The acreages, located 200–250km off the north-west coast of Australia, span blocks GHG23-1 in the Bonaparte Basin and GHG23-2 in the Browse Basin.
GHG23-1 covers approximately 1,500km² in waters 70–120m deep, while GHG23-2 extends more than 9,500km² in waters ranging from 40–270m in depth.
The announcement comes after deepC Store and Azuli, a subsidiary of UK-based Azuli International, successfully bid for the GHG Assessment Permits in the Australian Government’s 2023 offshore GHG storage acreage release.
The potential of these acreages is substantial, with an estimated capacity to permanently store up to one billion tonnes of CO₂.
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By GlobalDataThe joint study agreement aims to develop a comprehensive value chain for liquified CO₂ (LCO₂) involving receipt, transportation and storage in Australian waters, with the potential to serve both Japanese and Australian decarbonisation efforts.
The joint study agreement will explore ways to expedite the development process to support the decarbonisation objectives of both the Australian and Japanese governments.
As part of the agreement, J-POWER will contribute financially to the early stages of the project and secure rights to participate in the joint venture that will oversee the further development of the GHG acreages.
DeepC store managing director Daein Cha said: “We are very pleased to be awarded the two GHG Acreages that both show a good fit for “CStore1”, our LCO₂ shipping and FSI [floating storage and injection-based CCS development concept. Also, following on from our partnership established with J-POWER, a significant global player and pioneer in the electric power industry, we are committed to accelerating the development of CStore1 and advancing Australia and Japan’s strategic alliance in the CCS business.”
J-POWER executive officer Akira Yabumoto said: “We are excited to work with DeepC Store and Azuli on CCS development. We expect that this development will contribute, providing a valuable option to Japan and Australia as well as the surrounding region to reduce CO₂.
“CCS will play a critical role in J-POWER’s BLUE MISSION 2050, as well as global energy transitions. We will continue pursuing opportunities for CCS development and carbon reduction with CCS.”
In May this year, Japanese companies Inpex and JERA started a collaborative study to assess the potential of a CCS value chain between Japan and Australia.
