The Australian energy company Santos has secured financing for the company’s share of the US$220m, 1.7 MtCO2/year Moomba carbon capture and storage (CCS) project, located in South Australia. The facilities, with a five-year tenor and totalling US$150m, will be used to cover project costs incurred to date and to draw down upon as the project progresses to first injection targeted for mid-2024.
In December 2023, Santos announced a new agreement with two Japanese energy companies (JX Nippon Oil & Gas Exploration Corporation and ENEOS Corporation) to collaborate on CCS and expand the Moomba project. The deal seeks to identify and define investment opportunities covering the potential importation of up to 5 MtCO2/year by 2030, 10 MtCO2/year by 2035 and 20 MtCO2/year by 2040 from Japan to the Moomba CCS project. The 1.7 MtCO2/year first phase of the Moomba CCS project is currently 80% complete.