BPH contributes to Net Zero goal with Baleen Well objectives
BPH Energy Ltd (ASX:BPH) has released commentary by Chairman of investee company Advent Energy Ltd, David Breeze.
In responding to recent press coverage which outlined plans to explore for gas on the NSW continental, Breeze affirmed Advent’s support for Net Zero and provided detail on the Baleen well drilling objectives.
The Chairman asserted his belief that the company will play a direct role in achieving the Net Zero by 2050 plan, especially in New South Wales, explaining: “It aims to do this in two ways: First, by finding gas closest to Australia’s biggest domestic energy market; gas which can be used to provide reliable back-up for increased uptake of renewable energy in NSW.”
“Second, through its plans to explore for opportunities in offshore NSW for carbon capture and storage (CCS), a key clean energy technology.”
Mr Breeze also highlighted CCS (Carbon Capture and Storage) as an essential technology in achieving net zero, a stance shared with the UK, one of the few countries with specific plans for net zero by 2050.
Likewise, the Australian Federal Government has increasingly acknowledged the importance of CCS in decreasing emissions, in line with its clean energy technology roadmap. The US Government, under President Biden, has identified CCS as a key clean energy technology in its plans for Net Zero by 2050.
Right now, NSW has not located any suitable onshore sites for large scale carbon storage. Mr Breeze explained Advent’s plan for an offshore Sydney Basin.
“Our plan for NSW is to use the results from our offshore drilling for gas, to also enable us to assess the offshore Sydney Basin for carbon storage.
“At this stage, we do not know if our drilling will encounter suitable carbon storage rocks. But based on the offshore seismic results we have obtained so far, we are optimistic. Independent published research by Geoscience Australia and the CO2CRC suggests large scale CO2 storage may be feasible in parts of the offshore Sydney Basin.
“If our gas and carbon storage exploration program is successful, and I am optimistic that it will be, it could be a real game changer for NSW and Australia in transitioning to a clean energy and net zero future. I look forward to discussing our plans with the State and Federal governments, and with the Opposition”.
In December 2020, Advent Energy appointed Professor Peter Cook as its CCS Advisor.
Professor Cook is one of the world’s leading experts on CCS, with an extensive record of research and publication on the topic. He has been an IPCC Coordinating Lead Author and received the Greenman Award from the IEA Greenhouse Gas Programme for his work on CCS.
The recent number of overseas companies announcing plans for CCS epitomises its growth and importance.
The Norwegian company Equinor has outlined its Northern Lights Project with construction starting this year. The Project will involve permanent storage of many millions of tonnes of carbon dioxide from various onshore sources, in a reservoir 2600 meters under the seabed.
The US company Exxon Mobil has just announced a new company, Low Carbon Solutions, which will spend $3 billion to 2025 on clean energy technologies, with CCS a particular focus.
In Australia, the WA Gorgon LNG Project is geologically storing 3-4 million tonnes of CO2 a year at its Barrow Island facility.
The Norwegian Sleipner Project commenced offshore CO2 storage in 1996 and since that time has safely and securely stored approximately 20 million tonnes of CO2 in reservoir rocks 1000m under the seafloor.