Carbon Loop #005
New Permits, New Partnerships and Asset Swaps
Hello and welcome to the The Carbon Loop - a newsletter by the CCUSNA dedicated to highlighting the Australian carbon capture, utilisation and storage industry.
Everyone knows that Australia doesn’t come back to work properly until late January, so it has been a bit of a slow news month.
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New Aus GHG Permits Awarded ..
In December 2024, the final two offshore greenhouse gas (GHG) storage permits from the 2023 release were awarded, marking the full allocation of last year’s available acreage.
G-21-AP – Awarded to Beach Energy, situated in the Offshore Otway Basin.
G-20-AP – Awarded to Chevron (operator), Shell, and ExxonMobil, this permit is located near Barrow Island, home to the Gorgon CCS project.
With these additions, Australia now has 17 active GHG Assessment Permits, reflecting growing momentum in offshore carbon storage.
You can track the issue of these permits for yourself using the public resource at Interactive Map | NEATS
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Asset Swap Simplifies WA CCS Project ..
In December 2024, Woodside Energy and Chevron announced an asset swap to streamline their operations in Western Australia. Woodside will acquire Chevron's 16.67% stake in the North West Shelf Project, the NWS Oil Project, and a 20% interest in the Angel Carbon Capture and Storage Project. In return, Chevron will receive Woodside's 13% non-operated interest in the Wheatstone Project and its 65% operated interest in the Julimar-Brunello Project. Additionally, Chevron will make a cash payment to Woodside of up to $400 million.
This transaction means there will be one less voice in the Angel CCS Joint Venture, which is one of the more advanced CCS Projects within Australia.
Chevron Australia Consolidated Focus on Wheatstone Project in Asset Swap
Woodside Simplifies Portfolio and Unlocks Long-Term Value
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Woodside Exploring Browse CCS Potential ..
Speaking of Woodside, DCCEEW has opened for public comment its referral under the EPBC Act in respect of a proposed Browse CCS Project.
Browse is a bit of a hot-button issue here in Western Australia and so I want to be a little bit careful with my commentary. You’ll note there’s no pithy one-liners for this blurb.
But, regardless of your views on the Project, I think it’s clearly a good thing that our regulatory system in Australia provides for such transparency. And, overall, I think it’s also a good thing to see rigour and due diligence (which doesn’t come cheap - by the way) into what has the potential to be a significant decarbonisation operation.
Browse Carbon Capture and Storage Project
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New Green Economy Partnership ..
On December 20, 2024, Australia and South Korea signed the Green Economy Partnership Arrangement (Green EPA), aiming to enhance bilateral trade and investment in clean energy sectors. This agreement focuses on diversifying energy supply chains, improving energy security, and fostering innovation in clean energy technologies.
This Green EPA may help underpin significant CCS Projects in Australia, as Korea looks for a place to sequester CO2 emissions from its significant manufacturing sector. Longer term, there is also the potential for Korean power generators to use throw low-carbon hydrogen (i.e. likely as ammonia) into their energy mix.
It’s nice to see our APAC neighbours continue clean energy cross-border partnerships, as our friends across the Atlantic look to unwind them.
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WA Grant Funding for CCUS Technologies Available
The WA Government is offering further grant funding under the Carbon Innovation Grant, providing support for projects that advance CCUS and low-carbon technologies. If you're developing a carbon capture, utilisation, or storage solution, this could be a valuable funding source—but you better get your skates on as time is running out.
Applications close at the end of February.
Learn more and apply here: WA Government Grants
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