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Santos secures finance for Moomba

Santos Moomba

Santos has secured finance for the company’s share in the $335 million Moomba carbon capture and storage (CCS) in South Australia.

The facilities 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.

“The strong support Santos has received is underpinned by the progress we are making on our Climate Transition Action Plan that is focused on reducing our own emissions and those of our customers, as well as on developing low-carbon fuels as customer demand evolves,” Santos managing director and chief executive officer Kevin Gallagher said.

“Abating the emissions associated with natural gas is critical to reduce greenhouse gas emissions and tackle climate change, and our Moomba CCS project will help achieve this. It is encouraging that financiers are recognising the important role of CCS in abating emissions as we transition to net zero.”

The first phase of the Moomba CCS project is now 80 per cent complete and is set to become one of the lowest-cost CCS projects globally.

The project will have the capacity to store up to 1.7 million tonnes of CO2 per year.

This is equivalent to around 28 per cent of the total annual emissions reduction from Australia’s electricity sector making Moomba CCS very significant in Australia’s journey to net-zero emissions.

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