Aussie oil, gas industry wants to work with govt on CCUS strategy: Appea
Meg O'Neill, the Appea chair, on May 16 emphasised the importance of collaboration between the Australian oil and gas industry and the Australian government for the development of a national CCUS strategy. She was speaking on the opening day of the Appea 2023 Conference & Exhibition in Adelaide.
She said that the collaboration will help provide policy direction, progress priority carbon management hubs and promote Australia as a regional CO2 storage leader.
O'Neill highlighted the significance of including the "U" for utilisation in CCUS. By expanding the focus to utilisation, captured carbon can be repurposed for various applications, increasing the potential benefits of CCUS.
She pointed out successful global examples of CCUS, such as the Sleipner project in Norway, which has been storing 1mn metric tons/year of CO2 since 1996. O'Neill said that prominent organisations like the International Energy Agency and the Intergovernmental Panel on Climate Change support and recognise the critical role of CCUS in achieving global net-zero emissions goals.
Australia's expertise in geological storage and its experience with large infrastructure projects position the country as a potential regional leader in CCUS. The gas industry, with its storage capabilities and expertise, can collaborate with energy producers, manufacturers, and the government to establish carbon management hubs, she said. These hubs can assist countries in the region, such as Japan and South Korea, which have limited CO2 storage potential, in meeting their net-zero commitments.
O'Neill noted that the majority of planned CCUS investments globally are concentrated in the US, Canada, and Europe. To attract investment and drive CCUS deployment in Australia, she stressed the importance of adopting supportive mechanisms and incentives similar to those in these leading regions.