deepC Store and Azuli International have been awarded Greenhouse Gas Assessment Permit (GHG Acreages) in the Bonaparte and Browse Basins off Australia, and have entered into a joint study agreement for a strategic partnership with Japanese company J-POWER.
The partnership cements the likelihood for a commercial-scale Australian sequestration opportunity for CO2 volumes from Japan and Australia as well as the surrounding region.
The two GHG Acreages offshore Australia compirse blocks GHG23-1 and GHG23-2. The sites have the potential to permanently store up to 1 giga (billion) tonne of CO2.
deepC Store and Azuli, together with J-POWER, intend to develop a full value chain project from liquified CO2 (LCO2) receipt at locations in Japan and Australia as well as surrounding region, with the LCO2 transported by ship to floating storage and injection (FSI) facilities in Australian waters.
The GHG Acreages are both located in commonwealth waters offshore Australia some 200-250km off the Northwest coast.
The GHG Acreages will be matured in compliance with Australian Government requirements.
Opportunities will be considered to accelerate development of the GHG Acreages, such that the resulting projects can support the objectives of the Australian and Japanese Government in respect of decarbonization targets.
Three distinct component projects of the Carbon Capture and Storage (CCS) value chain will be established comprising LCO2 shipping, FSI and storage.
J-POWER will make a cash contribution on the joint study, which is for early work of this projects, securing the rights to a participating interest in the joint venture that will further develop the GHG Acreages.
“We are very pleased to be awarded the 2 GHG Acreages that both show a good fit for “CStore1,” our LCO2 shipping and FSI based CCS development concept. Also following on from our partnership established with J-POWER, a significant global player and pioneer in the electric power industry, we are committed to accelerating the development of CStore1 and advancing Australia and Japan’s strategic alliance in the CCS business,” said Daein Cha, deepC Store Managing Director.
“We are excited to work with deepC Store and Azuli on CCS development. We expect that this development will contribute providing a valuable option to Japan and Australia as well as the surrounding region to reduce CO2,” added Akira Yabumoto, J-POWER’s Executive Officer.