Santos has secured finance for the company’s share of the $220 million Moomba carbon capture and storage (CCS) project in South Australia.
The facilities, with a five-year tenor and totalling $150 million, will be used to cover project costs incurred to date and draw down upon as the project progresses to first injection targeted for mid-2024.
The first phase, now 80% complete, is targeting about $24 per tonne lifecycle breakeven storage costs, which will make it one of the lowest-cost CCS projects globally. The Moomba Plant is Santos’ central gathering and processing hub for oil and gas produced in the Cooper and Eromanga Basins.
Kevin Gallagher, Santos CEO and Managing Director, highlighted the willingness of banks to fund energy transition projects at “very competitive rates” and said this indicated their recognition of CCS as a vital tool in reaching Net Zero.
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