PGS, deepC Store plan CCS project off Australia
Marine geophysics company PGS and DeepC Store (DCS) have entered into a letter of intent to co-develop a commercial-scale carbon storage (CCS) project offshore Australia, PGS said on March 16.
“The letter of intent with DCS expands the PGS New Energy business beyond Europe. Stakeholders in the Asia Pacific region are increasing their focus on carbon capture and storage as a key contributor to their net-zero ambitions. Geophysical data and expertise are important tools to secure safe and reliable reservoirs for carbon storage,” said Berit Osnes, EVP New Energy of PGS.
DeepC Store specialises in developing multiple CCS projects and generating material quantities of carbon credits.
“We will collaborate with PGS to co-build a leading CCS development and operation business in the Asia Pacific region. In that context, we look forward to seeking PGS’s expertise and securing reliable CO2 storage sites in Australia,” said Daein Cha, CEO of DCS.
DeepC Store last month executed a joint study agreement with Japan’s Nippon Steel regarding capturing and transporting liquefied CO2 to its flagship floating CCS hub project (CStore1) off Australia.