Australian oil and gas exploration and production company, Santos and its Bayu-Undan joint venture partners have signed a memorandum of understanding (MOU) with national oil company, Timor Gap.
This is to explore partnership opportunities for the proposed Bayu-Undan carbon capture and storage (CCS) project offshore Timor-Leste, Asia.
The MoU follows four non-binding MOUs for CO2 supply to Bayu-Undan CCS that indicate demand for CO2 storage at Bayu-Undan CCS could be more than 10 MTPA.
The MOU with Timor Gap includes sharing information about Bayu-Undan CCS and exploring potential partnership opportunities, including equity participation for Timor Gap in the Bayu-Undan CCS project.
Santos managing director and CEO, Kevin Gallagher says: ‘Bayu-Undan CCS is well positioned to provide future carbon management services to the Asia Pacific region. This could be an exciting new industry for Timor-Leste, putting it at the leading edge of the global energy evolution and generating revenue, local jobs and business opportunities for the nation.’
