PGS and deepC Store Limited (dCS) have entered into an agreement which will make PGS a major shareholder in dCS and will give the opportunity to both parties to explore broader collaboration opportunities in the Asia Pacific region for co-developing commercial scale Carbon Capture and Storage (CCS) projects.
dCS is actively pursuing greenhouse gas storage acreage; this agreement complements a recently awarded A$5MM Australian Government grant that enables scaling of dCS efforts to commence Pre-FEED on the first offshore floating CCS project (“CStore1”).
Asia Pacific region is one of the key markets where carbon capture and storage enables a path to net-zero, highlighted Berit Osnes, EVP New Energy of PGS. ”This valued partnership demonstrates our commitment to develop a leading CCS business in the Asia Pacific region,” commented Jack Sato, Chairman of dCS.
deepC Store’s flagship project will be the development and operation of Australia and Asia Pacific’s first floating multi-user Carbon Capture and Storage (CCS) hub, CStore1.
Covering the entire CCS value chain, CStore1 consists of:
- Capturing and liquefying CO2 from multiple industrial sources in Australia and potentially the Asia-Pacific Region.
- Shipping liquid CO2 from industrial sources to CStore1’s Floating Storage and Injection (FSI) Hub located in offshore Northern / Western Australia.
- Offloading and temporarily storing liquid CO2 at the FSI Hub prior to injection.
- Injecting and storing CO2 in a permanent subsurface geological formation near the FSI Hub.
CStore1 will establish Australia’s and Asia Pacific’s first large-scale offshore multi-user hub infrastructure for receiving and storing CO2 from multiple sources and industries. This openness and flexibility are a unique value of the project, as other CCS projects only can be accessed by one or very few CO2 sources.