Australia’s A$50bn Gorgon liquid natural gas (LNG) project is to be developed by Chevron, ExxonMobil and Shell.
The project, located near Barrow Island off the north-west coast, is expected to produce 40 trillion cubic feet of gas.
The site will be used to sequester about three million tons of CO2 a year, representing about 130 million tons of CO2 over the project's life.
The project is the world's largest geological storage operation and the biggest resource project ever proposed in the country, according to the Australian Government.
The Gorgon project is 50% owned by Chevron, while ExxonMobil and Shell each own a 25% stake.
The project is one of G8's twenty global carbon capture storage projects, expected to create 6,000 jobs in the construction phase.