Santos (ASX:STO) books 100 million tonnes of CO2 storage capacity

Company News

by Lauren Evans

Santos (ASX:STO) has booked 100 million tonnes of CO2 storage resource in the Cooper Basin in South Australia, representing a subset of the total prospective storage resource in the Cooper Basin.

The energy giant said it follows the final investment decision on the 1.7 million tonne per annum Moomba carbon capture and storage project in November last year.

Santos believes this is the "first booking in the world" in accordance with the CO2 Storage Resource Management System sponsored by the Society of Petroleum Engineers.

“CCS is a critical technology to achieve the world’s emission reduction goals and we only have to look at current carbon prices to see how valuable 100 million tonnes of storage is,” said chief executive officer Kevin Gallagher.

“Santos sees CO2 storage capacity as a strategic competitive advantage in evolving cleaner energy, clean fuels and carbon markets. This globally significant carbon storage capacity booking is another tangible example of Santos leading the way in establishing the foundations to support the energy transition.”

Shares in Santos (ASX:STO) are trading 0.2 per cent higher at $7.58.

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