LNG

May 3 (LNGJ) - Australian LNG operator Santos has signed four memoranda of understanding for the proposed storage of carbon-dioxide emissions from third parties to underpin the initial development of the Bayu-Undan carbon capture and storage (CCS) project in the Timor Sea, where front-end engineering design work is nearing completion.

   Santos said the accords for CO2 supply to Bayu-Undan CCS were signed by upstream gas and LNG projects offshore the Northern Territory and in Darwin and an energy and industrial group in Korea. “Bayu-Undan CCS has the potential to reduce the emissions and emissions intensity of Australian gas and LNG projects, as well as of other industries in the Northern Territory, by providing safe and permanent storage in depleted gas reservoirs that previously held gas and condensate in place for tens of millions of years,” Santos explained.

Australian liquefied natural gas plant operator Santos, which has plant and project stakes in Queensland and in the Northern Territory as well as in Papua New Guinea, reported a jump in LNG sales revenues to US$1.116 billion from US$427 million in the same three months of 2021.

Santos, the Australian LNG plant operator pursuing the takeover of Oil Search and its Papua New Guinea LNG assets, reported record quarterly sales revenue of US$1.07 billion and record first-half income of US$2.04Bln, up 12 percent and 22 percent respectively.