MELBOURNE: An Australian company has lined up the country's national science agency and Japanese firms to work on a plan to capture carbon dioxide, and liquefy and transport it to a site offshore Australia to be injected under the seabed.
The push comes as the Australian government recently named carbon capture and storage as one of five priority technologies it would fund in a A$18 billion (US$13.4 billion) plan to help cut carbon emissions.
Perth-based Transborders Energy, leading the deepC Store project, said on Monday (Dec 7) local time it wants to capture carbon emissions from liquefied natural gas (LNG) plants and other industrial plants in Australia and the Asia Pacific.
If studies and engineering design work go ahead on target, the project could start burying carbon dioxide after 2027, Chief Executive Officer Daein Cha said.
"We want to advance the project while government funding is available," Cha told Reuters.
Using technology it has developed for small-scale floating LNG production, Transborders wants to set up a floating facility off Australia which could inject 1.5 million tonnes a year of carbon dioxide under the seabed.
Cha did not say how much deepC Store would cost, but said his benchmark is the Northern Lights project, a similar project led by Norway's Equinor in the North Sea, which is expected to cost 6.9 billion Norwegian crowns (US$784 million).
That figure does not include the cost of building facilities to capture and liquefy carbon dioxide for transport.
Transborders has signed preliminary agreements to work with the Commonwealth Science and Industrial Research Organisation (CSIRO), Mitsui OSK Lines, Kyushu Electric Power, Osaka Gas, the Australian arm of Tokyo Gas, engineering firm Add Energy and contractor TechnipFMC.
The Japanese utilities are stakeholders in LNG plants in Australia that could supply carbon dioxide for the project.